Not much to go off yet as I'm not subscribed to read the rest but essentially you can only spend 70% of revenue on wages and you are luxury taxed if you go over with the taxed money redistributed evenly.
So now it looks like they're going from:
'You can only spend this much but pay the players whatever you want'
to:
'Spend whatever you want but you can only pay the players this much'
It's a proposal that will affect Real Madrid and Barcelona more than us imo. So for that reason it'll never get through.