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.”

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