Mr. Speaker, the member referred to the 47%. I think if he checks the transcripts he will see that I specifically said that if a taxpayer is already at the highest marginal rate and receives an additional distribution from an income trust as income then it is automatically at the highest marginal rate.
The member also mentioned capital gains, so I suppose I could throw this one in as well. The finance minister failed to take into account that if $25 billion of appreciation of investments is wiped off the books, the Government of Canada just lost the capital gains tax on $25 billion or increased the loss for people. One way or another, $25 billion at the capital gains rate also has been lost, which should have been included in the tax leakage calculation and was not.
This is incompetence on behalf of the Government of Canada, particularly the finance department for misleading Canadians and misleading parliamentarians.