Thank you, Mr. Chair.
My first question is to the Office of the PBO.
There was a stunning negative revelation outlined in your update document, which stated that the new luxury tax will result in over $2.8 billion in lost sales over five years. Someone called it a “torpedo tax” before you ask the questions, and I think this might work. I've heard it called this a few times. I've heard other members call it a torpedo tax, and that is valid. I liken what this government has chosen to do as being similar to a submarine targeting an unsuspecting merchant ship in the dead of night. This government is firing a massive torpedo at the Canadian car, boating and aerospace manufacturing sectors, among others.
Considering the struggle that all sectors are having after the pandemic, including manufacturing, are you of the opinion that this tax needs to be put on hold or done away with altogether?