President Trump's budget bill is raising concerns nationwide due to significant cuts to safety nets like Medicaid and food stamps, along with extended tax cuts that would exacerbate the national deficit. A pivotal element of the bill is a tax code change that may rejuvenate hiring in the embattled tech sector by allowing companies to fully deduct R&D salaries in the year they are paid, reverting from previous legislation that spread out deductions over five years. This could significantly benefit startups in Silicon Valley.
If a tax code change passed by the House of Representatives remains in the legislation, experts say it would give some major juice to hiring in the Bay Area's layoff-plagued tech industry.
The tax change would reverse a move from Trump's 2017 tax bill that made it more expensive to pay the salaries of workers in research and development fields.
Collection
[
|
...
]