United States-Taiwan Expedited Double-Tax Relief Act

Floor Speech

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Mr. LaHOOD. Mr. Speaker, I thank the chairman for his leadership on this bill.

Mr. Speaker, I rise today in strong support of the United States- Taiwan Expedited Double-Tax Relief Act.

In today's global economy, it is customary for the United States to enter into tax treaties with like-minded allies to lessen potential double-tax burdens and encourage cross-border investment.

The United States currently has tax agreements with over 60 foreign tax jurisdictions. Yet, due to its unique political status, even as our seventh largest trading partner, we do not have a formal tax arrangement in place with Taiwan.

This bipartisan legislation before us today would finally change that. This bill makes necessary changes to our tax code to provide much-needed certainty to businesses and workers between our two countries.

As a member of both the Ways and Means Trade Subcommittee and our Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party, I know how important our relationship with Taiwan is, both in terms of trade and national security.

This bill will open the door for us to continue to develop a strong economic partnership, especially in the technology and semiconductor sectors, and help the United States reduce our reliance on China.

Mr. Speaker, I thank the chairman, Speaker Johnson, and all the members of the Ways and Means Committee for bringing this legislation to the floor today.

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