Senator Carper Emphasizes Need to Support a Mutually Beneficial Economic Relationship with Taiwan
Today, at a Senate Finance Committee markup of the United States-Taiwan Expedited Double-Tax Relief Act, U.S. Senator Tom Carper (D-Del.), a senior member of the committee, highlighted the need to establish closer economic ties with Taiwan to improve the flow of global supply chains and spur innovation and job creation in both America and Taiwan. The legislation passed out of Committee today by a vote of 27–0.
The United States-Taiwan Expedited Double-Tax Relief Act is a bipartisan, bicameral bill that would extend significant tax treaty-like benefits for American and Taiwanese workers and businesses operating across borders. The legislation is intended to help both American and Taiwanese workers and businesses by addressing double taxation and encouraging more cross-border investment.
Read Senator Carper’s opening remarks as delivered:
I think a couple of our colleagues have already mentioned that their states have sister state relationships with Taiwan. And as it turns out, just a couple of days ago, September 12, was the 23rd anniversary of the sister state relationship that was established between our state, Delaware, and Taiwan.
I am pleased that the Finance Committee is convening today to consider the ‘United States – Taiwan Expedited Double-Tax Relief Act.’ And I thank our Chairman and our Ranking Member for working in a bipartisan, collaborative manner to advance this important legislation.
The bill that we are considering today will strengthen the special – and vital – relationship between the United States and Taiwan, at a time when we have an opportunity and an obligation to deepen our ties with Taiwan. At the same time, this legislation will provide certainty and predictability for businesses and taxpayers operating in the U.S. and Taiwan. That’s something that we call a ‘win-win’ where I come from.
One of my top priorities throughout my time in public service has been creating a nurturing environment for job creation and job preservation. And this bill that we are considering today will get us closer to that goal by minimizing double taxation and by facilitating investments both here at home as well as in Taiwan.
President Joe Biden likes to say all politics is personal and all diplomacy is personal. I actually used to live in Taiwan. I was stationed there during the Vietnam War. They pulled all of the Navy planes out of Vietnam in 1968, and we flew a lot of our missions out of Thailand, and flew a lot of missions out of Taiwan as well. I have a personal affection for the people of that country and I’m delighted that we’re preparing to take this step today. Thank you.
A video of Senator Carper’s remarks at the hearing can be found here.