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The President has said he supports accelerating his proposed tax cuts and making some aspects of the tax cuts retroactive to January 1 of this year . For further information regarding the Federal Government 's proposed tax measures please visit Canetic 's website at www.canetictrust.com and follow the link entitled " Canadian Government Proposal for Taxation of Income Trusts " . Prime Minister Dominique de Villepin has proposed tax cuts and spending increases to lift growth over the next two years . By setting policy on a 5-year instead of a 10-year basis , the Budget Resolution obscures the long-term fiscal consequences of its proposed tax cuts . Canetic remains opposed to the Federal Government 's proposed tax measures and continues to be an active member of the Canadian Association of Income Funds ( CAIF ) and the Coalition of Canadian Energy Trusts ( CCET ) . The following table outlines in general terms the potential impact of the proposed tax measures relative to the current level of taxation applicable to unitholders of income and royalty trusts . Click here for another good column from the National Journal on why Bush 's proposed tax cuts are unnecessary given the current economic environment . Moreover , the proposed tax cuts will generate further inequalities in after-tax income .