U.S. tax experts say Biden spending bill likely to be resuscitated
Corporate tax advisers are warning clients not to celebrate the apparent demise of U.S. President Joe Biden’s $1.75 trillion climate and social spending package, which they say could be resuscitated with a similar price tag and proposed tax hikes. Any changes in a new version of the bill negotiated between Biden and his fellow Democrat, U.S. Senator Joe Manchin, are likely to focus more on the spending side than on revenue-raising measures, said Ryan Abraham, a principal with Ernst & Young’s Washington Council advisory practice. The bill’s revenue measures include higher taxes on companies and the wealthiest households.