Wednesday, May 16, 2007

I've long been receiving e-mails from the Conservative Party

To say nothing of e-mails from groups who find the Conservatives too moderate, like Focus on the Family (Hi Chuck!) and Engaging Christians in the Public-square. These e-mails, I presume, are as a result of my brief membership in the late Progressive Conservative Party of Canada.

As regular readers (shouldn't you have dwindled away to zero by now?) of this space are aware, I donated a hundred dollars to Stéphane Dion's leadership campaign (technically, this makes me a donor to the Liberal Party, although a condition of my donation was that it only be used to fight other Liberals, so it doesn't really count). When I did so, I provided an e-mail address, and now I've started receiving Liberal e-mails as well. Here's one I received today from John McCallum (emphasis mine):
Dear Liberal Friend,

It’s been seven months since Stephen Harper reneged on his promise not to tax income trusts.

The immediate effect of his deceit sent shockwaves through the markets, and eliminated $25 billion from peoples’ hard-earned savings. Retirement funds, post-secondary education savings, and many other forms of investments evaporated in less than one business day.

But the effects on investments are not the only casualty of the Conservatives’ ill‑conceived plan. As a country, we are experiencing an accelerated rate of foreign takeovers in the income trust sector. In the first six months after the income trust announcement, there were 16 take over attempts of Canadian Trusts, mostly by large U.S. private equity firms and pension funds that will deprive average Canadian investors of the ability to own those trust units.

Worse, these private equity firms will pay little or no tax to the Government of Canada. A recent study by KPMG Canada found that the first 13 takeovers will result in the federal government losing roughly $130 million dollars per year in tax revenue.

And this is what the Conservatives call tax fairness. A $25 billion hit on the savings of Canadian investors, the wholesale sell off of income trusts to foreign interests and less tax revenue for the government which of course other Canadians will have to make up for.

The decision Stephen Harper and Jim Flaherty made to tax income trusts is appalling and entirely unnecessary.

Stéphane Dion’s Liberals have a plan to reverse the damage done by the minority Conservative government. According to experts, the Liberal plan will return at least 2/3 of investors’ money by replacing the 31.5% tax with a modest 10% tax paid by companies that would be refundable to Canadians. This plan will work: It will protect Canadian investors and Canadian companies.

But we need to be able to communicate this message to Canadians. As the Official Opposition in the House of Commons, it is the Liberal Party of Canada’s duty to expose the damage done by this minority Conservative Government.

A donation from you today will help us shed more light on this issue. The powerful combination of your financial support and my voice will ensure that all Canadians know the truth about this massive Conservative blunder.

Please consider a donation of $100 or even $400 today to help the Liberal team. Your donation will go directly towards getting our progressive message out to all Canadians.

Thank you for your support.


Hon. John McCallum, MP
Liberal Finance Critic

Apparently, where John McCallum lives, attacking the decision to tax income trusts is a winning issue even if what you're promising if elected is to, uh, tax income trusts.


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