East Idaho Times

U.S. Senate Finance Committee Ranking Member Mike Crapo and U.S. House Ways and Means Committee Chair Jason Smith have expressed their views on the Biden Administration's recent announcement regarding Taiwan double-tax relief.

The two lawmakers released a joint statement, highlighting past efforts to address the issue of double taxation between the United States and Taiwan. They stated, "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."

The legislation mentioned by Crapo and Smith had gained unanimous support from both the Ways and Means Committee and the Senate Finance Committee. The statement emphasized that this legislative approach is considered "the best path forward" to tackle double taxation issues.

However, Crapo and Smith raised concerns about the timing of the Biden-Harris Administration's announcement. They remarked, "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." They warned that pursuing an approach not aligned with Congress's endorsed framework could hinder delivering necessary relief.

Crapo and Smith stressed that such misalignment might obstruct achieving shared goals like enhancing investment between the U.S. and Taiwan, which they believe is crucial for promoting collective prosperity, national security, and economic resilience.