“Perceptions” follows nepo-baby playwright Leslie and his old guard progressive producer mother Mildred as they stage a spy thriller musical: “Deceptions”. Leslie longs to make a real difference with his art, but his good intentions fall short in his writing, beyond the surface level. He is also secretly dating Stephanie, who plays the lead in “Deceptions”.

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As rehearsals begin, Stephanie challenges Leslie on the lazy writing and empty virtue signaling in his script. Encouraged by Stephanie, Leslie begins rewriting the show into a radical anti-imperialist piece. Mildred agrees with the message, but cautions Leslie about the realities of the industry. 

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The new version of “Deceptions” centers on the CIA agent, played by Stephanie, and a rebel, played by Violet, who attempts to expose corruption. Tommy portrays the agent’s handler who is a pragmatist rising through the political ranks. He betrays Stephanie's agent but initially spares her life. In the play's climax, he must choose between protecting his position and saving Stephanie's agent.

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When Leslie follows Mildred’s advice and tones down his revisions, Stephanie’s gentle but unsparing honesty leaves him in limbo. Then Mildred discovers Leslie and Stephanie are dating. She threatens to fire Leslie or pull funding for the show completely unless he pulls the risky political content.