Mr. Speaker, I am pleased to present another income trust broken promise petition from my riding of Mississauga South.
The petitioners remind the Prime Minister that he 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 the hard-earned retirement savings of over two million Canadians, particularly seniors.
The petitioners therefore call upon the Conservative minority government to admit: first, that the decision to tax income trusts was based on flawed methodology and incorrect assumptions; second, to apologize to those who were unfairly harmed by this broken promise; and, finally, to repeal the 31.5% tax on income trusts.