These investors, who comprise over 60 percent of the equity market, prefer companies to convert business assets into income trusts since they can avoid paying corporate taxes at a 35 percent rate.

[Canada taxes business investment more heavily than any other competing nation except China -- and taxes on Canadians' personal investment income can reach 80%, according to a study released yesterday. The findings underscore the need for a dramatic overhaul of the tax system to cope with growing competition from Asia and an ageing population, the C.D. Howe Institute said.] Given the competitive and demographic challenges facing Canada, tax reform is increasingly urgent, ... In the coming years, Canada should not simply react to changes in tax policy abroad, but should take the initiative and adopt policies that would unleash the Canadian tiger.

Fundamentally, there is very little genuinely new business about. Much of the new business written is simply premium income that has been recycled from one provider to another.

In a business with zero income until liquidation, what are your resources? What are your abilities to borrow? Without that, you'll never make it.

Our domestic tobacco business delivered solid income gains in a highly competitive marketplace, ... Our international tobacco business delivered strong volume and income gains, with excellent share growth across most of its key markets.

Under Ronald Reagan - who cut the top tax rate from 70 percent to 28 percent - black income, business development and business growth exploded.