Mr. Speaker, it is my pleasure to introduce yet another petition on income trusts, pursuant to Standing Order 36 and duly certified by the clerk of petitions.
The petitioners have indicated that they recall that the Prime Minister made a commitment to accountability when he said that the greatest fraud is a promise not kept. The petitioners, however, do remind the Prime Minister that he promised to never tax income trusts. He broke that promise and imposed a 31.5% punitive tax, which permanently wiped out over $25 billion of the hard-earned savings of over two million Canadians, particularly seniors.
The petitioners would like to call on the Conservative minority 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 this broken promise; and finally, to repeal the 31.5% punitive tax on income trusts.