A US bill that would provide tax incentives for Taiwanese businesses and workers in the US on Friday overwhelmingly passed the committee stage in the US Congress.
The US House of Representatives Committee on Ways and Means voted 40-3 to send the Tax Relief for American Families and Workers Act of 2024 to the US House for a full floor vote on the bill.
The bill’s proposals include a plan to “strengthen America’s competitive position with China by removing the current double taxation that exists for businesses and workers with a footprint in both the United States and Taiwan,” the committee said in a statement after the vote.
Photo: Bloomberg
Providing double taxation relief for such businesses and individuals would support innovation and competitiveness, as well as promote economic growth, the committee said.
Committee Chairman US Representative Jason Smith said in the statement that the act is expected to help US job creators stay competitive, allow main street businesses to survive and grow, and provide tax relief to working families struggling under the weight of rising prices and interest rates.
“The Tax Relief for American Families and Workers Act will help America compete and win against countries like China, encourage small businesses to grow and invest in American jobs and opportunity, and save taxpayer dollars by ending a COVID-era policy that has become the poster child for fraud,” Smith said.
“This tax relief package builds on the success of the 2017 Tax Cuts and Jobs Act, which produced a proven track record of delivering for families, reducing poverty and unemployment, and attracting more economic investment in communities across America” he added.
In Taipei, the Ministry of Finance has long sought a double taxation relief agreement with Washington to protect their mutual interests, as Taiwan-US economic exchanges and business activities accelerate.
In a meeting in Taipei with two former US officials on Monday, President Tsai Ing-wen (蔡英文) expressed hope that the two sides would soon address double taxation.
Taiwan-US relations continue to serve as a driving force for regional and global prosperity and development, Tsai told former US national security adviser Stephen Hadley and former US deputy secretary of state James Steinberg, who met with the president two days after the Democratic Progressive Party won the presidential election.
In Washington on Friday, White House press secretary Karine Jean-Pierre said that progress on the Tax Relief for American Families and Workers Act was encouraging and welcome.
The bill was expected to pass the US House and Senate, before being signed into law by US President Joe Biden, Pierre said.
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