Mr. Speaker, I am pleased to present another petition on income trusts. The petitioners remember the Prime Minister boasting about his apparent commitment to accountability when he said that the greatest fraud is a promise not kept. The petitioners remind the Prime Minister that he promised never to tax income trusts, but he recklessly broke that promise by imposing a 31.5% punitive tax which permanently wiped out $25 billion of the hard-earned retirement savings of over two million Canadians, particularly seniors.
The petitioners 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 this broken promise; and third, to repeal the punitive 31.5% tax on income trusts.