Thank you for the question.
In terms of taxation, even during the first Trump administration, there was a significant reduction in the federal corporate income tax rate, which fell to 21%. This cut was made permanent by last year's One Big Beautiful Bill Act.
The 21% federal tax rate in several U.S. states—where the corporate tax rate ranges from 0 to 5% for many of Quebec's and Canada's major partners—means that the combined rate of 26.5% for Quebec and Canada, for example, is not very competitive. This therefore has a significant impact on our businesses and their competitiveness relative to their U.S. competitors.
The Tax Foundation's International Tax Competitiveness Index, published annually, ranks Canada 22nd among the 38 countries of the Organization for Economic Cooperation and Development, or OECD, in terms of corporate taxation. This is due in particular to the combined income tax rate, which is higher than the average not only in the United States but also among advanced OECD countries.
For our part, we believe that a reduction in the federal corporate income tax rate in Canada would also be welcome. We are calling for the same in Quebec.