New Dems Applaud House Passage of Legislation to Strengthen the U.S. Trade and Economic Relationship with Taiwan

Today, New Democrat Coalition Chair Brad Schneider (IL-10) and New Dem Ways & Means Committee Members Reps. Suzan DelBene (WA-01), Jimmy Panetta (CA-19), and Don Beyer (VA-08) issued a joint statement following the passage of the United States-Taiwan Expedited Double-Tax Relief Act (H.R.33).

“New Dems today celebrate the House passage of legislation to finally alleviate double taxation between the U.S. and Taiwan and pave the way for increased Taiwanese investment in the U.S. economy.

“For decades, Taiwan has been an essential economic partner to the United States, and our relationship is only growing stronger. Despite this fact, Taiwanese companies have been discouraged from investing in the U.S. due to an excessively high withholding tax when compared to other close trading partners.

“This legislation will lower costs on cross-border investment, help expand domestic production of key technologies including chips, and create high-paying jobs in communities across the country. We call on our Senate colleagues to pass this legislation without delay.”

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