Business

Democrats in the American Senate tried to pin down proposed tax rises that will pay for a $1.5trn spending bill on welfare and the climate, legislation that is much reduced in scope from what its backers originally envisaged. But their plans were thrown into confusion when moderates pushed back against both radical ideas on taxing the super-wealthy and a levy on the profits of America’s biggest companies based on their financial accounting for shareholders, and not what they declare to the taxman.