Hacker News Reader

Comment by ilamont | Hacker News Reader

Wow. I had no idea this was happening. Not a peep from my accountant, either.

I have an S-Corp so "profit" would pass through to my personal taxes.

I've found over the years that most people writing and administering tax and business regulations at the local, state, and federal level have little clue about the needs of small businesses, whether it's a software startup or a local pizza place.

View on HN

My expensive accountants didn’t bother mentioning the Section 174 changes because like every year since the 50’s that law has been delayed or overridden through other legislation.

Manchin killed the bill last year that would have extended the protection from 174…

One politician cannot be held responsible for a bill not passing that requires the votes of many others.

Are you aware of how the Senate has been operating for the past few years? A single Senator can indeed scuttle entire legislation.

It’s all a horse and pony show. It’s most definitely not just one politician deciding things - they just want you to think that. Ever notice how the villain changes ever few months?

It’s planned.

The overlap in donors between GOP and Democrats is insane. Its literally the same few thousand big donors directing policy and the Republican/Democrat thing is just pro-wrestling to entertain the low-information public.

No it's not and no, I don't notice that the villain changes every few months. Example?

A single senator and an entire political party

OP is right. Manchin gets the blame but 50 others voted against it as well, many who would be willing to cross the aisle but for the toxic partisan environment in this country.

What are the other 50 nay votes doing?

Being Republicans

Sometimes I think we're better off when one party or the other has more of a majority in congress, so the whole institution isn't so vulnerable to the wingnuts.

Except that section 174 was fine until Republicans under Trump controlled every aspect of congress and passed the Tax Cuts and Jobs Act (TCJA) in 2017.

That act changed section 174 in this stupid and extremely detrimental way.

So no. It was exactly "one party" (the Republican party) whose fault this is.

Not sure if this is widely known but none of those people read anything in the bills unless an important person tells them to care about a specific clause.

True. The bills are literally hundreds of pages long.

Correct, my company is a partnership LLC and these "phantom profits" are going to flow through to me personally to owe taxes on.

Reply on news.ycombinator.com