Mr. Speaker, I am pleased to present yet another income trust broken promise petition from constituents in my riding of Mississauga South.
My constituents remember the Prime Minister writing that the greatest fraud is a promise not kept. He promised never to tax income trusts, but he did break that promise by imposing a 31.5% tax on income trusts which permanently wiped out $25 billion of the hard earned economic retirement savings of over two million Canadians, and they were mostly seniors.
The petitioners are asking the Conservative minority government: first, to admit that the decision to tax income trusts was based on flawed methodology and incorrect assumptions, as was demonstrated in the Finance Committee; 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.