It's not a bad law - but will probably catch high income professionals and small business owners who're trying to hide assets from tax authorities, shield them

It's not a bad law - but will probably catch high income professionals and small business owners who're trying to hide assets from tax authorities, shield them from legal liability or in the event of divorce etc. Sophisticated crooks will probably setup as business trading cos who will swap businesses and/or high value real estate and recognize those as revenue - and can probably use the transaction to claim depreciation and/or section 1031 tax benefits