OTTAWA, Ont. — Liberal MPs have promised to fight the Conservative government over its decision to restructure the taxation policy for income trusts.
Were going to fight this, John McCallum, the Liberal finance critic, said at a town hall meeting on Friday. Were going to fight it through an election.
His comments were immediately supported by about 12 other Liberal MPs. The Conservatives announced last fall that they would begin taxing income trusts much like other corporations beginning in 2011. Many trucking firms such as Transforce, Contrans and Mullen Group are impacted by the policy.
A newly-formed group, the Canadian Association of Income Trust Investors, has launched a campaign against the Tory policy and has erected billboards across Canada. The Liberals are pushing for a 10% tax on income trusts, which would be refundable to Canadian investors.
It will in fact be part of the Liberal platform in the next election, said Liberal MP Paul Szabo.
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