Yet another reason the Liberals have to go.

Kudos to Kate at Small Dead Animals for posting this baby, and bigger kudos to Keith Fountain for his brief:

Current tax rules make income trusts a good investment vehicle, particularly for seniors, because only the investor is taxed. Income from other forms of investment is taxed twice (both the firm and the investor are taxed). Lots of RRSPs and even the Canada Pension Plan invest in income trusts.

Rather than remove the double taxation, the Liberals announced they were thinking about double-taxing income trusts. This led to panic and $23 billion of investor's money vanished as income trust stocks crashed.

This crash will also cost the federal government $9 billion in tax revenue. All to get another $300 million in taxes. So everybody loses, because the Liberals wanted more cash to spend on vote-buying.

This is the first I hear of it.  A $23 billion dollar stock meltdown, and it doesn't even make the papers!  And we wonder why this country is in the dumper.

The Phantom