On January 23, 2025, U.S. Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR), alongside Senate Foreign Relations Committee Chairman Jim Risch (R-ID) and Ranking Member Jeanne Shaheen (D-NH), introduced bipartisan legislation aimed at providing expedited double-tax relief for U.S.-Taiwan cross-border investments. This initiative is a companion to H.R. 33, which passed the House of Representatives with an overwhelming vote of 423-1 on January 15, 2025. The proposed legislation seeks to authorize the President to negotiate a tax agreement with Taiwan, thereby enhancing economic relations and reducing double taxation for American and Taiwanese businesses [0be50f67].
This legislative effort builds on previous initiatives from the 118th Congress, showcasing a strong bipartisan commitment to strengthening economic ties between the U.S. and Taiwan. Senators Crapo and Wyden emphasized the need for a unique tax solution due to Taiwan's status, while Risch and Shaheen highlighted the importance of this legislation for regional stability and American economic prosperity [0be50f67].
In a related development, the U.S. House Select Committee on China has been reauthorized for another two years as of January 7, 2025. This committee, initially established in January 2023, has expanded its focus to include threats posed by the Chinese Communist Party (CCP) not only to the U.S. but also to its allies. Representative John Moolenaar has been appointed as the new chair, succeeding Mike Gallagher, and is expected to continue bipartisan efforts to address economic and national security threats from China [e45b4f81].
Moolenaar's leadership includes a focus on preventing companies based in China from benefiting from certain green energy tax credits, reflecting ongoing tensions between the U.S. and China. The committee has also called for increased tariffs on Chinese vehicles, further indicating the competitive dynamics at play [4b615728].