Krishnamoorthi Applauds Passage Of The Bipartisan Tax Relief for American Families and Workers Act, Including Provisions To Strengthen The US-Taiwan Economic Partnership

WASHINGTON, D.C. – Today, Ranking Member Krishnamoorthi (D-IL) of the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (CCP)  issued the following statement in response to the U.S. House passage of the bipartisan Tax Relief for American Families and Workers Act which included a bipartisan fix endorsed by the Committee to eliminate the economic obstacles posed by the Taiwan double taxation issue:

“The passage of the bipartisan tax reform bill is an important step forward for our strategic competition with the Chinese Communist Party through its role in deepening our economic partnership with Taiwan and strengthening our supply chains,” said Ranking Member Krishnamoorthi. “By implementing the bipartisan fix to the Taiwan double taxation issue endorsed by our Committee in our bipartisan economic report, this legislation encourages bilateral investment with Taiwan, supporting American businesses in Taiwan and incentivizing Taiwanese companies to invest in America and create jobs, including in the semiconductor sector. I commend the bipartisan work that drove this advancement in our economic security and thank the leaders of both parties in both chambers for making this possible, including Ways and Means Committee Ranking Member Richard Neal and Chairman Jason Smith.”

 In the Committee’s December 2023 economic report, it urged Congress to provide relief “from double taxation for workers and businesses engaged in U.S.-Taiwan cross-border investment. Such legislation should significantly reduce withholding taxes on dividends, interest, and royalties paid on these cross-border investments, mitigate barriers for smaller businesses to make those investments, reduce complexity for dual residents, and unlock opportunity for deepening our economic cooperation with Taiwan.” The full economic report is available here.