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So I added a question regarding the taxation of income trusts, which is currently ranked number six and rising steadily.
Here’s what I had to say:
The Tax Fairness Plan (which is anything but) includes a 31.5% tax on Income Trusts that has never been properly justified (the argument of tax leakage was never substantiated and independent analysis shows there is none).
The Prime Minister needs to come clean on Income Trust taxation and ultimately repeal the tax.
The Income Trust investment vehicle is available under many forms but in this form it was most accessible and beneficial to average Canadians (other forms, such as Flow Through Entities, are more complicated to participate in – although the Finance Minister himself benefits from his partnership in an FTE).
In the previous election Stephen Harper berated the Liberals for “raiding senior’s next egs” by taxing income trusts (after public consultation) and yet no sooner was he in office that he imposed without consultation a punishing tax on income trusts.
I call upon the Prime Minister to repeal the income trust tax and review the entire Tax Fairness Plan.
Cross-posted on Cameron-Schultz at OnProbation.ca Feedback Forum – ask Stephen Harper a question