Press Release

Today, Representatives Ami Bera, M.D. (D-CA), Gerry Connolly (D-VA), Mario Díaz-Balart (R-FL), and Andy Barr (R-KY), co-chairs of the Congressional Taiwan Caucus, and House leads of the Taiwan Tax Agreement Act of 2023, released the following statement applauding the House passage of the Tax Relief for American Families and Workers Act of 2024, addressing the issue of double taxation.

“We are pleased to see the Tax Relief for American Families and Workers Act include substantial elements of the Taiwan Tax Agreement Act of 2023, legislation which authorizes a negotiated solution to eliminate double taxation on cross border investments between the United States and Taiwan. The passage of this legislation will increase foreign direct investment between the U.S. and Taiwan, and reduce dependence on the People’s Republic of China for critical technologies and resources. The tax legislation will not only boost the U.S. and Taiwan’s competitiveness, but also make workers and businesses more resilient against Beijing’s economic influence while strengthening the flourishing U.S.-Taiwan relationship.

“As of 2022, total Taiwanese foreign direct investment in the United States was $16 billion and trade flows between the U.S. and Taiwan totaled an estimated $160 billion in goods and services. Investments in the U.S.-Taiwan relationship continue to grow each year, cementing the U.S. as a top destination for outbound investment from Taiwan.

“The incorporation of this bipartisan negotiated solution reaffirms the robust Congressional support for Taiwan. As co-chairs of the Congressional Taiwan Caucus, we look forward to continuing working to advance opportunities to strengthen the U.S.-Taiwan economic partnership.”