Mike Wallace (politician)
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| Hon. Michael L. Wallace | |
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Member of Parliament
for Burlington (2006-present) |
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| Incumbent | |
| Assumed office 2006- |
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| Preceded by | Paddy Torsney |
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| Born | September 3 1963 Brockville, Ontario |
| Political party | Conservative |
| Spouse | Caroline Wallace |
| Residence | Burlington, Ontario |
| Profession | Burlington City Council |
Michael L. Wallace (born September 3, 1963 in Brockville, Ontario) was first elected to Burlington City Council in the fall of 1994, representing the southeast area of Burlington, Ontario, now Ward 5. He was re-elected in 1997, 2000, and 2003. Before running for councillor, Wallace graduated from the University of Guelph, majoring in economics and political science.
Wallace was nominated as the candidate for the newly-formed Conservative Party for the 2004 federal election running against long-time Liberal incumbent Paddy Torsney. A last-minute resurgence in Liberal support across Ontario resulted in a 4,000-vote victory for Torsney.
Wallace did not resign as councillor for the 2004 federal election and continued to represent Ward 5.
[edit] Conservative MP
In the 2006 federal election Wallace defeated Torsney by 2,570 votes, and after being sworn in on February 6, 2006, now represents Burlington in the Canadian House of Commons.
Wallace is Chairman of the Parliamentary Steel Caucus, Chairman of the Marine Industry Caucus and is a member of the Auto, GTA, Ontario, and National Caucuses. He is also a member of the Access to Information, Privacy and Ethics Committee and Finance Committee.
Torsney's office was located downtown Burlington on Brant Street in close proximity to city hall. "If we have to have a storefront to promote ourselves, then I don't think we're doing a good enough job." Wallace's office was moved to the upper level of Burlington Mall instead. [1]
Wallace continues to support the new proposed rules for income trusts introduced by the Conservatives October 31, 2006. [2] The immediate result of the change in tax policy was a loss to Canadian investors of $20 Billion, the largest ever loss attributed to a change in government policy. [3] According to the Canadian Association of Income Trust Investors some 2.5 million Canadian investors were effected by the change in Income Trust Policy. [4]
Wallace is an active member of the Standing Committee on Finance.[1] The Standing Committee on Finance released it's report Taxing Income Trusts: Reconcilable or Irreconcilable differences? on February 28, 2007 following the committee's hearings in Jan-Feb 2007 examining the proposed changes in rules on Income Trust taxation. Wallace co-authored the Dissenting Opinion of the Conservative Party of Canada which recommended:
- The federal government implement the Tax Fairness Plan as outlined in Ways and Means Motion No. 10 – including a 31.5% tax on income trust distributions, a four-year transition period for existing trusts, and pension income splitting for seniors – adopted November 7th, 2006 with the support of the majority of the House of Commons.[5]
[edit] References
- ^ Municipal experience helps rookie MP, The Hamilton Spectator, 2 August 2006
- ^ Coalition of Canadian Energy Trusts. "Vote Breakdown – November 7, 2006", Coalition of Canadian Energy Trusts, November 07, 2006.
- ^ Global National TV. "Exclusive: Flaherty received death threats", Global National TV, February 01, 2007.
- ^ Brent Fullard. "Income Trusts: Just Another Special Interest Group?", Canadian Association of Income Trust Investors, January 05, 2007.
- ^ House of Commons Standing Committee on Finance. "Taxing Income Trusts: Reconcilable or Irreconcilable differences? pages 43-46", House of Commons Canada, February 28, 2007.
[edit] External links
| Parliament of Canada | ||
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| Preceded by Paddy Torsney |
Member of Parliament for Burlington 2006- |
Succeeded by Incumbent |
