SC Nebraska News

Today, Congressman Adrian Smith (R-NE) expressed his support for the passage of H.R. 33, a bill aimed at preventing double taxation on Taiwanese residents and businesses engaged in trade with the United States. Speaking on the House floor, Smith emphasized the importance of Taiwan as a strategic ally and highlighted its role in technology supply chains.

Smith stated that the bill would "align the tax treatment of income earned in the U.S. by Taiwanese residents and businesses with that of any other foreign national from a country with whom the United States has a tax treaty." He noted that despite Taiwan's significant economic contributions, it is not included among the 66 countries with which the U.S. currently has income tax treaties.

The congressman underscored Taiwan's position as an eighth-largest trading partner to the U.S., mentioning that American exports to Taiwan support numerous jobs and that Taiwanese investment in America exceeds $137 billion. He also pointed out Taiwan's critical role as a national security partner.

By eliminating double taxation, Smith argued that the legislation would promote economic efficiency and strengthen ties between both nations. "This is a good bill which delivers an overdue solution to an issue which has strong bipartisan support," he said.

In his remarks, Smith urged his colleagues to back this initiative, reinforcing America's commitment to Taiwan amidst ongoing security threats from adversaries.