Capped Energy Trust Index lost 21.8% in market value and the TSX Capped Income Trust Index lost 17.6% in market value by mid-November 2006. In contrast, the TSX Capped REIT Index, which is exempt from the 'Tax Fairness Plan', gained 3.2% in market value. According to the Canadian Association of Income Funds, this translates into a permanent loss in savings of $30 billion to Canadian income trust investors. In the month following the tax announcement, the unit price for all 250 income trusts and REITs on the TSX dropped by a median of almost 13% according to the iTrust Report published by TrustInvestor.com and its iTrust Index. Studies by Leslie Hayman, publisher of the report, indicated that the tax news at the end of 2006 was the second most significant volatility event in the market following only the suspension of advance tax rulings by the Minister of Finance, Ralph Goodale in 2005. In Hayman's report entitled Breach of Trust, published as the 2006 year-end market review in Forum magazine by Advocis, the Financial Advisors Association of Canada, detailed analysis showed the substantial value to investors of the income trust structure and Canadian market being erased through new taxation. Income trusts, other than real estate income trusts, and mutual fund investment trusts, that were formed after that date were to be taxed in the same way as corporations: income flowed out to investors were subject to a new 34% tax as of 2007 (which fell to 31.5% in 2011), which approximates the average corporate income tax paid by corporations—this is equivalent to the current prohibition against deducting dividends paid to investors in determining corporate taxable income; and income flowed out to investors are eligible for the dividend tax credit to provide equivalent treatment to dividends paid by corporations. Income trusts formed on or before that date were not subject to the new rules until 2011 to allow a period of transition. Real estate income trusts are not subject to the new rules on real estate income derived in Canada (the non-Canadian real estate operations of existing REITs are subject to the same taxation as business trusts). Flaherty proposed to reduce the federal corporate income tax rate from 19% to 18.5% in 2011. The 34% tax on distributions is split between the federal and provincial governments. Flaherty also introduced a $1000 increase to the amount on which the tax credit for those