There's a bit of a history behind analysis of taxation on capital investment, which I've been part of, in terms of the work that was done over the years, going back to the work that I did with Robin Boadway and Neil Bruce in 1984. I came up to finance in 1984 to help them develop their analysis of corporate taxation and what's called the effective marginal tax rate modelling.
The reason I'm mentioning this is that, initially, when people did modelling, they included capital gains in the so-called years of cost of capital, although they normally did not think about corporate capital gains taxes at that time, and neither did we when we started working in finance. In fact, most people just left out capital gains. Recently, I've taken a lot of interest in this, and in fact I have someone working with me. Basically, it's just incorrect to assume that there's no impact of increasing the capital gains tax rate on investment. It's for the two reasons that I gave. One is that there's a home bias by individuals to own shares, and also there's the fact that when you increase the corporate capital gains tax rate, that will impact investment.