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this post was submitted on 01 Mar 2024
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I think a big reason these companies are laying people off is because we actually did increase their taxes. The Tax Cuts and Jobs Act of 2017 (Trump's only major legislation passed) changed the rules on R&D deductions after 2022 to balance the other cuts and allow Senate Republicans to pass the bill without a supermajority (through Reconciliation). This was meant to be a poison pill that everyone expected would get repealed before it went into effect, but efforts to repeal it fell apart.
https://pro.bloombergtax.com/brief/rd-tax-credit-and-deducting-rd-expenditures/
https://youtu.be/1ecu0YsCGxg?si=zh-39-HMHif-zvaU
I think it's because they don't have interest free money anymore and a lot of expenses for the c-suite compensation
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