Trump's tax reform is the largest tax reform in the United States in nearly 30 years. The core content includes reducing the corporate income tax rate from 35% to 21%, simplifying personal income tax brackets, and encouraging the repatriation of overseas funds. This policy aims to enhance the competitiveness of American businesses, but it has also been criticized for primarily benefiting high-income groups and large corporations, potentially exacerbating wealth inequality. Furthermore, the tax reform promotes global capital flow, prompting some manufacturing to return to the United States, but it may also trigger international tax competition. As some provisions are set to expire at the end of 2025, the long-term effects of the tax reform remain to be seen.