Mr. Speaker, on behalf of Jeff Malcolm of Woodstock, Ontario, I present a petition regarding the broken promise pertaining to income trusts.
Mr. Malcolm recalls that the Prime Minister was bragging about his so-called commitment to accountability when he stated that there is no greater fraud than a promise not kept.
The petitioners remind the Prime Minister that he promised never to tax income trusts but that he shamelessly broke his promise by imposing a punitive tax of 31.5%, which wiped out $25 billion that more than two million Canadians, mainly seniors, worked so hard to save for their retirement.
Therefore, the petitioners are calling on the government to do three things: first, to admit that the decision to tax income trusts was based on a flawed methodology and incorrect assumptions; second, to apologize to those who were unfairly harmed by this broken promise; third, to repeal the punitive 31.5% tax on income trusts.