SUPPORT FOR H.R. 33, UNITED STATES-TAIWAN EXPEDITED DOUBLE-TAX RELIEF ACT

SUPPORT FOR H.R. 33, UNITED STATES-TAIWAN EXPEDITED DOUBLE-TAX RELIEF ACT

Congressional Record, Volume 171 Issue 11 (Monday, January 20, 2025) [Congressional Record Volume 171, Number 11 (Monday, January 20, 2025)] [Extensions of Remarks] [Page E49] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SUPPORT FOR H.R. 33, UNITED STATES-TAIWAN EXPEDITED DOUBLE-TAX RELIEF ACT ______ HON. CHRISTOPHER H. SMITH of new jersey in the house of representatives Monday, January 20, 2025 Mr. SMITH of New Jersey. Mr. Speaker, I wish to reiterate my strong support for normalizing our tax treatment of Taiwan and for legislation which passed this House last week on January 15, 2025, H.R. 33, the United States-Taiwan Expedited Double-Tax Relief Act, introduced by my good friend and colleague Jason Smith of Missouri. As this legislation notes, Taiwan's international status is ``unique,'' and for far too long this bastion of democracy, constitutionalism and freedom on the front line facing Communist China has been disadvantaged by its irregular juridical status. It makes no sense to penalize Taiwanese investors while privileging investors from Communist China, especially when Taiwanese companies such as TSMC and Global Wafers are investing money so we can securely manufacture microchips and silicon wafers in the United States. This is not simply a fairness issue, but also a national security issue. Agents from Communist China are buying farmland near strategically-sensitive locations, and coopting our universities into becoming research arms of the People's Liberation Army. Meanwhile, Taiwan is investing tens of billions of dollars to build semiconductor factories in America at our invitation so we can help insulate ourselves from mainland Chinese pressure. The U.S. should be disincentivizing investment from Communist China while encouraging investment from democratic Taiwan--not the other way around--and this legislation goes a long way to balancing the scales. I also note that our American Chamber of Commerce in Taiwan strongly supports this legislation. This legislation will also strengthen bilateral investments between the United States and Taiwan. I thank Mr. Smith (of Missouri) and Speaker Johnson for making this legislation a priority so early this Congress. I call on the Senate to swiftly pass this important legislation. ____________________

Referenced legislation: HR33, HR33