United States-Taiwan Expedited Double-Tax Relief Act

Floor Speech

BREAK IN TRANSCRIPT

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

The EU, U.K., Japan, Australia, and New Zealand are among the countries that have a tax treaty with Taiwan. The U.S. is not one of them. In fact, Taiwan is our largest trading partner and ally that isn't covered by a tax treaty.

This puts American companies and citizens at a competitive disadvantage. The bill before us would level the playing field. It would incentivize Taiwan to provide tax benefits to Americans that are similar to those of a tax treaty. Once Taiwan has done so, the United States would provide those same benefits to Taiwan.

Taiwan is a key partner in derisking our supply chains away from China. Taiwanese investment already supports 21,000 American jobs, and over $1.5 billion in American exports. Reducing double taxation will strengthen our partnership, increase bilateral investment, and create jobs.

Mr. Speaker, I thank Chairman Smith and Ranking Member Neal for their leadership on this issue. I urge my colleagues to support this bill.

BREAK IN TRANSCRIPT

Source