Mr. Speaker, I note today that the energy income trusts have finally recovered to their level of two years ago, so it is appropriate that I would introduce yet again another income trust broken promise petition.
This is from residents in my community of Mississauga South. They 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 government, first of all, to admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions, as shown in the finance committee; second, to apologize to those who were unfairly harmed by this broken promise; and finally, to repeal the punitive 31.5% tax on income trusts.