Crapo, Smith Statement on Biden Administration’s Taiwan Double-Tax Relief Announcement

Crapo, Smith Statement on Biden Administration's Taiwan Double-Tax Relief Announcement

Washington, D.C.--U.S.Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and U.S. House Ways and Means Committee Chair Jason Smith (R-Missouri) issued the following statement on the Biden Administration's Taiwan double-tax relief announcement:

"Last year, our committees worked closely together and consulted with the Administration to carefully craft a legislative package providing both expedited double-tax relief through the tax code and paving the way for future agreements on additional double-tax relief. This legislation-which passed unanimously through the Ways and Means Committee, and the expedited double tax relief provisions of which passed unanimously through the Senate Finance Committee-remains the best path forward to address double taxation between the U.S. and Taiwan. Unfortunately, the timing of the Biden-Harris Administration's announcement appears to be driven more by politics than an effort to provide expedited tax relief. Pursuing an approach that does not harmonize with the Congressionally-endorsed framework could jeopardize delivering that relief, impeding the shared goal of facilitating broader investment between the U.S. and Taiwan to promote our collective prosperity, national security, and economic resilience."