Congress Urged to Implement Anti-Abuse Rule to Protect Tax Revenue
Tax abuse, where taxpayers avoid paying taxes in ways Congress didn't intend, is a big problem. One common tactic is upstream tax planning, where younger people give assets to older family members to avoid taxes. This study suggests that Congress should give the Treasury Department more power to make rules against tax abuse. This would help stop tax revenue loss, encourage people to follow tax laws, and make tax rules clearer and fairer.