The Trump tax reform is the largest tax reform in the United States in nearly 30 years, with core content including reducing the corporate income tax 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 has also been criticized for primarily benefiting high-income groups and large enterprises, potentially exacerbating wealth inequality. Additionally, the tax reform promotes global capital flow, prompting some manufacturing to return to the United States, but it may also trigger international tax competition. With certain provisions set to expire by the end of 2025, the long-term impact of the tax reform remains to be seen.