I: Trump Tax Reform (2017 Tax Cuts and Jobs Act) significantly reduced the corporate tax rate from 35% to 21% to stimulate business investment and economic growth. Personal income tax also decreased, and the standard deduction was increased. The tax reform temporarily boosted U.S. GDP growth and stock market gains, but it also led to an expanded budget deficit, with wealthier individuals and large corporations benefiting more, sparking controversy over increasing income inequality.

II: Impact on Cryptocurrency In April 2025, Trump signed a bill that rescinded the IRS's expanded definition of brokers for decentralized exchanges (DeFi), easing the tax burden on DeFi platforms, a move welcomed by the crypto industry as they found the original rules difficult to enforce. Furthermore, Trump proposed to exempt capital gains tax on domestically mined cryptocurrencies, encouraging everyday transactions, such as using Bitcoin to buy coffee tax-free, which could stimulate the practical use of cryptocurrencies.

However, the overall impact of the tax reform is not entirely positive. Trump's tariff policies caused market volatility, with tariffs imposed on Mexico, Canada, and Europe in early February leading to over $2 billion in leveraged positions being liquidated in the crypto market, and Bitcoin prices briefly dropping to the $80,000 range. Although some crypto supporters believe blockchain transactions are borderless and not directly affected by tariffs, market panic still impacted crypto assets. Additionally, the national cryptocurrency reserve plan (including Bitcoin, Ethereum, etc.) promoted by Trump boosted market confidence and temporarily raised prices but also sparked controversy, with critics worried that its volatility could pose fiscal risks to the government.

Overall, Trump's tax reform injected vitality into the industry by lowering tax burdens and supporting crypto innovation (such as establishing reserves), but the market turbulence and potential policy risks triggered by tariffs should also be watched, as the cryptocurrency market may continue to experience volatility in the short term.