McKay Lambastes Haper's and Flaherty's Fiscal Foolishness during Question Period


Hon. John McKay (Scarborough—Guildwood, Lib.):  

    Mr. Speaker, we are told that we can tell whether the Prime Minister is telling the truth or not by looking into his eyes. Canadians want to believe that when a Prime Minister makes a promise, he will keep it.

    Will the Prime Minister look into the eyes of two million hard-working Canadians and explain his betrayal of the income trust promise?


Mr. Ted Menzies (Parliamentary Secretary to the Minister of Finance, CPC): 

    Mr. Speaker, thank you for the opportunity to once again remind the Liberals that the tax fairness plan that this government put in place was actually supported by a good number of Canadians. In fact, it was even supported by some Liberals who actually wrote to the Auditor General.

    The comment of the member for Saint-Léonard—Saint-Michel is, and I quote, “fair assumption that there are going to be challenges to the treatment of income trusts”.

    I quote the member for Scarborough—Guildwood, “That made it clear that Liberals had been planning to announce the tax on income trusts”.


 Hon. John McKay (Scarborough—Guildwood, Lib.):

    Mr. Speaker, when commenting on the TSX decline in public offerings, the CEO of the TSX said, “The federal government knee-capped the income trust industry and it hurt our reputation abroad”.

    We now have a finance minister running around the country saying to invest anywhere but Ontario. The Prime Minister has broken his word on income trusts, on the Atlantic accord, on equalization, on capital gains taxes and he trash talks the people of Ontario. Why should Canadians believe--

The Speaker: The hon. Parliamentary Secretary to the Minister of Finance.

Mr. Ted Menzies (Parliamentary Secretary to the Minister of Finance, CPC): 

    Mr. Speaker, thank you for allowing me once again the opportunity to remind hon. members that the finance minister actually did his duty to Canadians, stood in this House and voted in favour of the budget. The Liberals de facto supported it.

    Let us not forget all of the things that were in this budget. It was to provide impetus to Canadians to regain employment, to maintain a strong economy. The finance minister and the Prime Minister have this country on track.