Washington, D.C. – Today, Representatives Andy Barr (R-KY), Gerry Connolly (D-VA), Mario Diaz-
Balart (R-FL), and Ami Bera, M.D. (D-CA), co-chairs of the Congressional Taiwan Caucus, and House
Leads of the Taiwan Tax Agreement of 2023, released the following statement applauding the House
passage of the Tax Relief for American Families and Workers Act of 2024, addressing the issue of
double taxation.
“We are pleased to see the Tax Relief for American Families and Workers Act include substantial
Elements of the Taiwan Tax Agreement of 2023, legislation which authorizes a negotiated solution to
eliminate double taxation on cross border investments between the United States and Taiwan. The
passage of this legislation will increase foreign direct investment between the U.S. and Taiwan, and
reduce dependence on the People’s Republic of China for critical technologies and resources. The tax
legislation will not only boost the U.S. and Taiwan’s competitiveness, but also make workers and
businesses more resilient against Beijing’s economic influence while strengthening the flourishing
U.S.-Taiwan relationship.
As of 2022, total Taiwanese foreign direct investment in the United States was $16 billion and trade
flows between the U.S. and Taiwan totaled an estimated $160 billion in goods and services. Investments
in the U.S.-Taiwan relationship continue to grow each year, cementing the U.S. as a top destination for
outbound investment from Taiwan.
The incorporation of this bipartisan negotiated solution reaffirms the robust Congressional support for
Taiwan. As co-chairs of the Congressional Taiwan Caucus, we look forward to continuing working to
advance opportunities to strengthen the U.S.-Taiwan economic partnership.”
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