Corporate America had been warning president Joe Biden and congressional Democrats not to raise taxes on big business ever since they were elected to office more than 18 months ago.

So when lawmakers approved those tax increases as part of a $700bn economic package that passed the Senate on Sunday, and is expected to receive a final vote in the House of Representatives later this week, companies and their lobbyists reacted with howls of protest.

The bill would impose “significant new tax increases and unprecedented government price controls”, the US Chamber of Commerce warned. Its tax provisions would deal “a blow to our industry’s ability to raise wages, hire workers and invest in our communities”, added the National Association of Manufacturers.