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The Tech Job Meltdown
Half a million layoffs? It's all accounting.
There was a lot of economic turmoil on the horizon then: rising interest rates, reduced venture capital funding, supply chain problems, and post-pandemic over-hiring corrections, all amplifying financial pressures at the time. Congress has made noise previously about a bipartisan reversal of this tax code change, and I rather hope they do - it would be a welcome boost to many sectors of the American economy, from manufacturing to pharmaceutical to technology to education to electrnics to scientific research and consulting. From retail to logistics, healthcare to media, if firms built internal tools, customized a software stack, or invested in business intelligence and data-driven product development, they could expense those costs - and the IRS generally agreed, which is slightly miraculous.
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