TAIPEI (Taiwan News) — U.S. House Committee on Ways and Means Chairman Jason Smith and ranking member Richard Neal, along with Senate Finance Committee Chairman Ron Wyden and ranking member Mike Crapo recently introduced separate legislation concerning double taxation between the U.S. and Taiwan.
Smith said that workers in the U.S. and Taiwan need to relieve companies of double taxation in order to increase bilateral investment. "This legislation will encourage greater investment in our communities and create jobs while promoting prosperity for America and a key economic partner,” he said, per a House press release.
“Passing much-needed legislation like this is exactly why House Republicans need to join with Democrats in finding a bipartisan path forward to get the House back up and running,” Neal said. He added that removing double taxation would lead to strengthened relations and more American jobs, as well as revitalize the manufacturing industry in the U.S.
Wyden said the proposed legislation was “a no-brainer for U.S. jobs and for America’s national security to strengthen our economic partnership with Taiwan.”
The two pieces of legislation “marks an important next step in unlocking opportunities to help workers and businesses of all sizes get ahead in both the U.S. and Taiwan,”said Crapo. “Without question, deepening ties with Taiwan and its vibrant democracy is in our nation’s best interests,” he said.
Last month, the Senate Finance Committee unanimously approved the U.S.-Taiwan Expedited Double Tax Relief Act. In August, Congress greenlit a new trade agreement with Taiwan, demonstrating support for the U.S.-Taiwan alliance. U.S. President Joe Biden later signed it into law.