The Trump tax reform is the largest tax reform in the United States in nearly 30 years, with core elements including reducing the corporate 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 companies but has also been criticized for primarily benefiting high-income individuals and large corporations, potentially exacerbating wealth inequality. Additionally, the tax reform promotes global capital movement, encouraging some manufacturing to return to the U.S., but it may also trigger international tax competition. With certain provisions set to expire at the end of 2025, the long-term effects of the tax reform remain to be observed.