No, it is. That's literally why this happened, it was used as a bargaining chip/to buy time and they never cleaned it up. It's not supposition or a guess, it's the stated intent and consequence.
> it's not so obviously a good thing
Let's say you earn a million dollars before salary and you have 10 engineers working for you each making $100k. You pay out your salary and have $0 profit at the end of the year.
With this change, you are taxed as if you made $800k profit, so unless you've got a couple hundred grand in your bank account this is easily enough to bankrupt a business and put those 10 engineers out of work.
It would be one thing if the $800k was in the bank and this was Hollywood accounting to make it seem like it's not profit. But this is money that was paid to employees and now the business is expected to pay taxes on it as if it was never paid. It's absolutely farcical how anyone could look at this and not see it as ridiculous.