Mr. Speaker, I am pleased to present another income trust broken promise petition on behalf of residents in my riding of Mississauga South.
The petitioners want to 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, to admit 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 the broken promise; and finally, to repeal the punitive 31.5% tax on income trusts.