Mr. Speaker, I am pleased to present a petition on the income trust broken promise. The Prime Minister boasted about his commitment to accountability when he said that the greatest fraud was a promise not kept.
The petitioners remind the Prime Minister that he had promised never to tax income trusts, but he broke that promise by imposing a 31.5% punitive tax, which permanently wiped out over $25 billion of hard-earned retirement savings of over two million Canadians, particularly seniors.
The petitioners therefore call upon the Conservative minority government to: first, admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions; second, to apologize to those who have been unfairly harmed by this broken promise; and finally, to repeal the punitive 31.5% tax on income trusts.