Trump's tax reform is the largest tax reform in the United States in nearly 30 years. The core content includes reducing corporate income tax from 35% to 21%, simplifying personal income tax brackets, and encouraging the repatriation of overseas funds. The policy aims to enhance the competitiveness of American businesses, but it has also been criticized for mainly benefiting high-income groups and large corporations, potentially exacerbating wealth inequality. In addition, the tax reform promotes global capital flows and encourages some manufacturing to return to the United States, but it may also trigger international tax competition. With the expiration of certain provisions at the end of 2025, the long-term impact of the tax reform remains to be observed.