for existing trusts. The government argued that it could now allow giant corporations to convert as proposed by BCE for its Bell Canada subsidiary, "...a move that would save it $800 million in tax by 2008." Subsequent to the October 31 announcement by Flaherty, the TSX 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 translated into a permanent loss in savings of $30 billion to Canadian Income Trust Investors . Harper later mentioned that this was "the toughest decision for the government." The Canadian Press voted the Harper Government and Jim Flaherty "Business Newsmaker of 2006" for the announcement to tax Income Trusts on Halloween. In a July 9, 2007 interview on Business News Network, former Conservative Alberta Premier Ralph Klein criticized PM Stephen Harper and Finance Minister Jim Flaherty for their mishandling of the Income Trust issue and for not keeping their word on Income Trust taxation. According to the Canadian Association of Income Trust Investors, the change in tax rules cost investors $35 billion in market value. Stephen Harper specifically promised "not to raid Senior's nest eggs" during the 2006 Federal Election. See also Domestic policy of the Harper government Notes External links Transcript of Parliamentary proceedings surrounding confusion during third reading and passage of C-13 Canadian budgets Federal budget 2006 in Canadian law 2006 government budgets