United States-Taiwan Expedited Double-Tax Relief Act

Floor Speech

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Ms. PLASKETT. Mr. Speaker, I rise today in support of H.R. 33.

This legislation, supported by the Biden-Harris administration, is an opportunity for the United States to strengthen its economic ties with Taiwan. H.R. 33 creates a new section within the tax code to facilitate mutual investment from the United States into Taiwan and vice versa by reducing double taxation traps for Taiwanese residents with income from sources within the United States.

By removing these traps, H.R. 33 facilitates the creation of a strong domestic semiconductor ecosystem, creates jobs, and incentivizes investments in semiconductor technology and our American economy.

Securing our Nation's position at the forefront of the chip manufacturing race is possible only if we constantly work to remove the barriers to developing American manufacturing, both in our tax code and regulatory environment.

The United States and Taiwan have long shared a strong economic partnership powered by extensive two-way trade, and we must ensure that this partnership remains robust. It is critical that we work to improve our existing trade agreement with Taiwan and ensure that future trade agreements continue to facilitate the development of domestic American manufacturing.

As elected officials, it is our responsibility to ensure the tax code works for the benefit of all. Supporting H.R. 33 makes certain that our tax code reflects the values of fairness and trust.

As a member of the Intelligence Committee in the 118th Congress, I can tell my colleagues that this increased trade, both in the Pacific and viewed throughout the world, is helpful to America's strength.

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