#特朗普税改

I. Major Reform Measures

Corporate Income Tax Reform

Significant Tax Rate Reduction: From 35% to 21% (final version), with some early proposals suggesting a reduction to 15%.

Overseas Profit Tax Adjustment: A one-time tax rate of 15.5% (cash) or 8% (non-cash assets) on profits retained overseas, implementing the principle of territorial taxation, with overseas subsidiary dividends being tax-exempt.

Other Adjustments: Allowing enterprises to deduct current year expenses, limiting interest expense deductions, etc.

Individual Income Tax Reform

Simplification of Tax Brackets: From seven brackets simplified to three (early proposal) or retaining seven brackets but lowering the highest tax rate (final version), with the highest marginal tax rate reduced from 39.6% to 37%.

Increase in Deduction Standards: The deduction amount for married joint filing is doubled to $24,000, and the child tax credit amount is increased.

Elimination of Certain Tax Benefits: Such as the repeal of the estate tax and the mandatory insurance provisions of the Affordable Care Act, etc.

Cross-Border Tax Rules

Introduction of Base Erosion and Anti-Abuse Tax (BEAT), limiting multinational corporations' ability to avoid taxes through internal transactions.

II. Economic Impact and Controversies

Positive Effects

Stimulating Investment and Employment: The reduction in corporate tax rates is believed to attract capital back, increasing domestic investment and job opportunities.

Short-term Economic Growth: Some institutions predict that tax reform may temporarily boost U.S. GDP growth, but long-term effects are uncertain.

Negative Risks

Expansion of Fiscal Deficit: The expected tax cut size over the next decade is between $4.4 trillion to $5.9 trillion, potentially raising the federal debt-to-GDP ratio to 111%.

Income Inequality: High-income groups (especially the top 1%) benefit significantly, while the actual tax cut effect for middle and low-income families is limited.

International Tax Competition: Triggering similar tax cuts in multiple countries, intensifying global tax system competition.

III. Implementation and Legislative Process

Passage Date: Passed by the Senate in December 2017 with a vote of 51:49, marking the largest tax reform since the Reagan era.

Controversy Focus: The plan lacks fiscal revenue compensation measures, with significant differences between the two parties regarding economic growth expectations (e.g., the 3% growth assumption being questioned as unrealistic).