@PatrickFIanagan@MikeCrapo One of my darker thoughts is that they totally know but are in the pockets of people like the warden from Shawshank Redemption who just want all the smart and innovative people working as indentured servants and not starting their own companies. #conspiracytheory
A few Senators suffering from legislation envy are destroying healthy businesses because they refuse to fix Section 174, which turns income tax into a payroll tax. @MikeCrapo@SenJohnThune@SenThomTillis
@Deani1232@thetaytay Yeah it's just SLIGHTLY too complicated to explain with a soundbyte. Also, no one wants to give too many details about their tax situation (personal or business).
If you're in tech, especially if you're a programmer, especially if you want programmers to draw salaries, this is the most important thread you will read today.
If you care about US competitiveness, this is also the most important thread you will read today.
It's hard to believe the US is kneecapping the entire tech sector with a tax change that it likely didn't even intend to pass in the first place.
From 2023, the US has become very hostile for bootsrapped software companies and tech startups thanks to Section 174 tax changes:
Today we launched 10k Science on the Meta Quest App Lab! "A breakthrough in science education" - explore the microverse with VR and AI. @MetaQuestVR@OpenAI
https://t.co/FhW1dXhHGw
https://t.co/CVlPUJuXuB
“The worst statute I’ve ever seen”
“Too insane to be reality”
Congress buried a time bomb in the 2017 tax law and then couldn’t agree on how to defuse it. Business owners and accountants are aghast. https://t.co/EGc27dNJvB
@PatrickFIanagan@Dynamoid I'm just hoping most people aren't aware of it yet and that there will be some kind of action taken to repeal it. It's too insane
@PatrickFIanagan@Dynamoid Yup, I will owe $100K in personal taxes because I own an LLC taxed as an S-Corp and I got an SBIR grant (and we are also a software co). I WAS expecting a $30k loss and a refund, but instead I have to... I don't know, get a payment plan for $1200 a month for 5 years? 😬
“I am, somehow, less interested in the weight and convolutions of Einstein’s brain than in the near certainty that people of equal talent have lived and died in cotton fields and sweatshops.”
Stephen Jay Gould