Since the 2017 tax reform, the US corporate tax burden structure has undergone a dramatic transformation.

At the industry level, the energy and utilities sectors experienced the largest tax rate reductions, while the real estate and technology industries, benefiting from various preferential policies, currently have effective tax rates at historic lows—only 4% for real estate and about 15% for the tech sector. This differentiated tax environment directly impacts capital flows and profit expectations across industries.

Data on the investment side is also noteworthy. The tax rate on dividend income has dramatically decreased from over 90% in earlier years to around 20% now, significantly increasing the attractiveness of dividend-paying stocks and income-generating investments. In contrast, the long-term capital gains tax rate has remained relatively stable, fluctuating within the 15%-30% range.

For ordinary households, the changes are also quite evident. The federal effective tax rate for middle-income families has fallen from 20% in 1979 to below 10% today. This long-term decline in tax burden has improved household purchasing power and indirectly influenced consumption and asset allocation decisions.