Expressing the sense of the Senate on the value of a tax agreement with Taiwan.

Expressing the sense of the Senate on the value of a tax agreement with Taiwan. Whereas Taiwan is a democratic success story, an economic success story, a key part of global technology supply chains, and a close security partner of the United States; Whereas the United States has pursued a robust unofficial partnership with Taiwan within the context of the current one-China policy of the United States; Whereas the Taiwan Relations Act ( Public Law 968 Whereas Taiwan is the eighth-largest trading partner of the United States, United States exports of goods and services to Taiwan support at least 188,000 American jobs, and Taiwans cumulative investment in the United States is at least $13,700,000,000; Whereas the United States has ongoing economic dialogues with Taiwan that cover a range of trade, technology, and investment issues through the Trade and Investment Framework Agreement Council led by the United States Trade Representative, the U.S.-Taiwan Economic Prosperity Partnership Dialogue led by the Department of State, and the Technology, Trade, and Investment Collaboration framework led by the Department of Commerce; Whereas the Biden Administration announced the U.S.-Taiwan Initiative on 21st Century Trade Whereas the United States has income tax treaties with 66 countries, including the Peoples Republic of China, and has agreements with other parties, including Taiwan, related to taxation, such as facilitating implementation of the Foreign Account Tax Compliance Act; Whereas Taiwan is the United States largest trading partner with whom we do not have an income tax treaty; Whereas Taiwan has income tax agreements with 34 countries, including countries that have trade agreements with the United States and do not maintain diplomatic relations with Taiwan; Whereas the United States signed a transportation income tax agreement with Taiwan in 1988, under the auspices of the American Institute in Taiwan (AIT) and the Coordination Council for North American Affairs, which has since been renamed as the Taipei Economic and Cultural Representative Office (TECRO); Whereas an income tax agreement between the United States and Taiwan could boost bilateral trade and investment by reducing double taxation and increasing economic efficiency and integration; and Whereas the American Chamber of Commerce in Taipei in its 2022 White Paper That the Senate (1) recognizes the importance of Taiwans security and prosperity to the United States own security and prosperity; (2) encourages the President to begin negotiations on an income tax agreement with Taiwan; (3) encourages the President and the House of Representatives to work with the Senate on a congressional-executive agreement to establish an income tax agreement between the United States and Taiwan, consistent with United States commitments under the Taiwan Relations Act; and (4) encourages the President to proactively seek other ways to increase trade, technology, and investment ties between the United States and Taiwan.

Summary: This resolution recognizes the importance of Taiwan's security and prosperity to the United States' own security and prosperity. The resolution encourages the President and the House of Representatives to work with the Senate on a congressional-executive agreement to establish an income tax agreement between the United States and Taiwan, consistent with U.S commitments under the Taiwan Relations Act. Finally, the resolution encourages the President to proactively seek other ways to increase trade, technology, and investment ties between the United States and Taiwan.