Today I am cash flow neutral at 5m revenue, but with this I'm paying taxes on 800k "profits", which don't exist anywhere but on paper. But I have to pay the taxes in real dollars.

So you pay taxes on 800k profits, but then each subsequent year you reduce you profit by 200k, even though you don't have 200k leaving the door.

If 1M eng salaries was your stable state, then after several years you're... going to have 1M in costs to subtract from your profit! The stable state is the same!

I'm not going to argue about the capex change being "good", I do think it's worth highlighting that for large enough companies you're now looking at a different flavor of tax flow. Amortizing your costs over 5-10 years is something people like doing for other costs after all.

If you have a pile of cash that you have no apparent use for, or can live without, yes, it makes no difference.

But for any new entrants that need to rapidly grow their engineering teams, it's a huge disadvantage.

We don't need more things in the tax code that protect large incumbents at the expense of new entrants.