Thank you for the question.
Building on Gabriel's question about inequality, many of us here agree that paying your fair share is an important social and economic principle in Canada. I would say our government has taken real, meaningful action in this space. I mentioned, in my opening remarks, the 1.5% permanent tax on banks and insurers, the 15% COVID recovery dividend and the permanent luxury tax. We are bringing in some new measures now. I think the 2% tax on share buybacks is a good measure to address some of the challenges you've been talking about.
From my perspective, there are two elements of the tax on share buybacks that make it the right approach for Canada. One, it creates an incentive for companies to do what I think is the right thing, which is to invest more in their productivity and workers. The second element that I think makes it valuable for Canada, given our geographic location, is that it's also a tax the U.S. has put in place with the Inflation Reduction Act. For these two reasons, we thought it was a good approach for Canada to take.
I also want to point out that we're introducing, in this bill, many other tax measures, some of them less headline-grabbing, but significant. I want to take the opportunity to thank Mio and his team, because this is very sophisticated work—things like IFRS 17 and so on.