Mr. Speaker, I am very pleased to present yet again another income trust broken promise petition. It comes from residents of my riding of Mississauga South who remember the Prime Minister boasting about his apparent commitment to accountability when he said, “The greatest fraud is a promise not kept”.
The petitioners want to remind the Prime Minister that he promised never to tax income trusts, but he broke that promise when he recklessly imposed a 31.5% punitive tax, which permanently wiped out over $25 billion of the hard-earned retirement savings of over two million Canadians, particularly seniors.
Therefore, these petitioners call upon the Conservative minority government to: first, admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions, as demonstrated by the finance committee; second, apologize to those who were unfairly harmed by this broken promise, on Halloween albeit; and finally, repeal the punitive 31.5% tax on income trusts.