#特朗普税改 The Opportunities and Challenges of Trump's Tax Reform and Binance's Development

In 2017, the tax reform bill introduced by the Trump administration acted as a shot in the arm for the U.S. economy. This tax cut plan, known as "the largest in American history," significantly reduced the corporate tax rate from 35% to 21% and designed a "territorial taxation" system for multinational corporations. This tax reform not only reshaped the U.S. business ecosystem but also triggered a wave of capital flows globally, with the development trajectory of the cryptocurrency exchange Binance resonating subtly with this tax reform.

The special tax rate arrangement for repatriating overseas profits in the tax reform bill directly stimulated nearly $3 trillion in overseas funds to flow back into the U.S. economy. A portion of this released liquidity flowed into the burgeoning digital currency market at the time, bringing considerable incremental funds to exchanges like Binance. Data shows that Binance's daily trading volume increased nearly fivefold in 2018 compared to before the tax reform, and its user base experienced explosive growth. This chemical reaction produced by the intersection of capital flow and technological innovation confirms economist Arthur Laffer’s theoretical foresight that "tax cuts unleash market vitality."

The loose regulatory environment created by the tax reform objectively provided a trial-and-error space for financial technology innovation. When implementing the tax reform, the U.S. Treasury adopted an "observation period" policy for emerging businesses such as digital currencies. This regulatory flexibility allowed Binance to improve its global operational framework during this period, establishing compliance centers in places like Malta and Singapore. As former Federal Reserve Chairman Alan Greenspan stated: "Moderate regulatory tolerance is often a breeding ground for technological revolutions." The innovative businesses developed by Binance during this period, such as margin trading and contract products, benefited from this policy window.

However, every coin has two sides. The "global minimum tax rate" clause, which strengthened anti-tax avoidance regulations in the U.S. after the tax reform, ultimately extended to the cryptocurrency sector. In 2020, the IRS included digital currencies in the reporting scope of Form 8938, placing Binance under dual pressure of user loss and rising compliance costs. The platform had to adjust its business model and suspend some services for U.S. users. This turning point confirmed Nobel laureate Joseph Stiglitz's warning: "Any tax cut policy ultimately has to face the question of fiscal sustainability."