Thank you, Mr. Chair.
I want to thank all of our witnesses for their excellent testimony.
Mr. Clarke, I'll start with you.
In your submission, you say that TMX continues to oppose the increase in the capital gains inclusion rate because it is a tax on investment at a time when Canadian businesses and the economy most need that investment.
In the April budget, the government increased the inclusion rate from 50% to 66.66%. In your testimony, you said something I found a bit curious, and I want you to elaborate on it. It's the idea that not all capital gains increases are created equal.
In the end, your recommendation is to lower the inclusion rate on Canadian-based investments that drive growth and productivity in the economy. I'm wondering if you could elaborate on that. Parse that out for me. What kinds of investments do you think it should be lowered on?