Codification of the “economic substance doctrine”(Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed.
Businesses and wealthy individuals who normally used every legal means to minimize taxes will have to think twice.
If they haven't donated to rat pols, the IRS will make their lives difficult.
It legalizes the Clinton/Obama shakedown racket that has evolved these past 20 years.