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.
this is one of oblabla's best ideas. so basically the irs can disallow legal deductions without congressional approval. how can you libs/dems give the irs this power.