U.S. SENATE – U.S. Senator Steve Daines today delivered the following remarks at a Senate Finance Committee executive session to consider the “United States-Taiwan Expedited Double-Tax Relief Act,” legislation that would benefit the economic stability, competitiveness and national security of both Taiwan and the United States by eliminating the burden of double taxation for the two countries’ businesses and workers.
See below for remarks as prepared for delivery:
“Thank you, Mr. Chairman.
“I’m glad to see that this Committee is moving forward in recognizing the importance of the U.S.-Taiwan relationship.
“The partnership between our countries is crucial for a robust economic and strategic partnership, one that I have proudly supported throughout my time in the Senate.
“This bill sends a strong message of American support for Taiwan, alleviating the burden of double taxation for businesses, providing certainty in U.S.-Taiwanese cross-border investment and reducing complexity for dual citizens.
“Reinforcing our trade partnership with Taiwan will increase opportunities across both countries and encourages investment for shared prosperity.
“With 95 percent of the world’s population outside the U.S., trade is a critical part of Montana’s economy and long-term economic growth, as such, it’s important to ensure Taiwan is a key long-term partner to the United States and Montana by helping to expand new economic opportunities and creating jobs in my state.
“This agreement helps Taiwanese and American workers, farmers and small businesses and continues a responsible diversification of Asia-Pacific trade partners.
“The legislation we are looking at today shares bicameral, bipartisan support, and more importantly, shows our strong support for Taiwan and its unique tax status.
“I look forward to getting this bill across the finish line and giving both U.S. and Taiwanese citizens and businesses the certainty they need.
“Thank you, Mr. Chairman.”