No, I do not agree with that.
The current thin capitalization rules apply to non-arm's-length debt, so the master limited partnerships and the U.S. foreign equity who come in to buy an income trust and who do not raise additional debt from third-party lenders expect to pay no business taxes because they expect the treatment of that corporate, non-arm's-length debt in the subsidiary not to be subject to thin capitalization rules.
If the federal government announces that it intends to apply the thin capitalization rules, then that debt, artificially high, non-arm's-length debt, will not be permitted to exist, and if it does, it will be ignored and it will be treated as not interest that is deductible.