Jimmy Panetta: “I thank the gentlewoman for yielding, and I thank the chairman for bringing this bill to the floor. Mr. Speaker, I rise…”

“I thank the gentlewoman for yielding, and I thank the chairman for bringing this bill to the floor. Mr. Speaker, I rise today to support the United States-Taiwan Expedited Double-Tax Relief Act. This is a bipartisan bill that would address the issue of double taxation between Taiwan and the United States. That is an issue that has long impaired our mutual investment opportunities, including the ability of the United States to shore up the semiconductor supply chain and fully capitalize on the potential of our partnership with Taiwan. Mr. Speaker, I don't need to remind my colleagues of the security challenges that we faced during the pandemic, when we dealt with the overwhelming supply chain issues, especially for semiconductor chips. That shortage led to sky-high prices for everyday items, and it impacted critical industries in healthcare, defense, and the technology sector. What we quickly realized is that one of the ways that we can prevent such shortages is to partner with trusted producers like Taiwan and increase mutual investment that can lead to supply chain security. However, that type of investment that is needed for this type of partnership is hard to do when there is double taxation. It simply won't happen when income is taxed in the country where it is earned and then taxed again when it is repatriated back to its home country. That is just not a recipe for investment, for partnership, for success, and for our security.…”