Unraveling the Hidden Tax Code Tweak Fueling Tech Layoffs in America
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Unraveling the Hidden Tax Code Tweak Fueling Tech Layoffs in America
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Hello and welcome to Quartz QuickTake. Today, we’re uncovering a hidden time bomb in the U.S. tax code that’s fueling mass tech layoffs. Between 2022 and now, a little-noticed tweak to Section 174—buried in the 2017 tax law—has forced companies to amortize R&D costs over five to 15 years instead of deducting them immediately. As one tech COO told Quartz, “I work on these tax write-offs and still hadn’t heard about this. It’s just been so weirdly silent.”
For nearly 70 years, firms could instantly write off everything from engineer salaries to software licenses, fueling the rise of Microsoft, Apple, Google, and Facebook. But when the new rule kicked in, R&D became more expensive on paper, and headcount was the easiest cost to cut. Microsoft laid off 10,000 employees. Meta slashed 25 percent of its workforce. Thousands more jobs disappeared at Amazon, Salesforce, Shopify, and scores of startups.
A bipartisan effort to repeal the change is now underway, but for the hundreds of thousands already out of work, it may be too late. I’m your host, and that’s today’s Quartz QuickTake.
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