Cape News

House Committee on Ways and Means Chairman Jason Smith and Senate Committee on Finance Ranking Member Mike Crapo have issued a statement regarding the Biden Administration's recent announcement on Taiwan double-tax relief. The statement highlights concerns about the timing and approach of the administration's decision.

The statement notes that last year, both committees collaborated closely with the administration to develop a legislative package aimed at providing expedited double-tax relief through the tax code. This legislation also set the stage for future agreements on additional double-tax relief. It passed unanimously through both the Ways and Means Committee and the Senate Finance Committee.

Smith and Crapo expressed concern that "the timing of the Biden-Harris Administration’s announcement appears to be driven more by politics than an effort to provide expedited tax relief." They caution that pursuing an approach not aligned with the Congressionally-endorsed framework could hinder efforts to deliver this relief, potentially affecting shared goals of enhancing investment between the U.S. and Taiwan.

The statement underscores their commitment to promoting collective prosperity, national security, and economic resilience through broader investment between the two nations.