The core content of Trump's tax reform includes: lowering the corporate income tax from 35% to 21%, simplifying personal income tax brackets, and implementing a "territorial tax" system that allows overseas profits to be repatriated to the U.S. tax-free. The policy aims to stimulate corporate investment, attract the return of overseas funds, and boost economic growth. However, critics argue that the tax cuts may exacerbate the fiscal deficit and lead to income inequality. Additionally, the tax reform has triggered a global tax cut competition, affecting the international investment landscape.