The purpose of this legislative proposal is to amend the Internal Revenue Code to address issues related to grantor trusts, specifically to prevent the misuse of these trusts for tax avoidance. The bill aims to establish clearer rules and requirements for grantor retained annuity trusts (GRATs) and to ensure that tax obligations are properly accounted for. One of the key provisions of the bill is that it requires grantor retained annuity trusts to have a minimum term of 15 years.