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It may also encompass industrial lenders like GE Capital and GMAC, the financing arm of General Motors, provided they win approval to reclassify themselves as a bank or savings and loan holding company.
In setting the top rate of income tax at thirty-five per cent and the rate on pass-through income at fifteen per cent, the Trump reform would give high-income earners a great incentive to reclassify themselves as small-business owners, so they would be eligible for the lower rate.
Alternatively, some people seek to reclassify themselves.
The wealthy may try to "reclassify themselves as pass through entities to lower their individual tax rate," said Helmstetter.
Under the GOP plan, they would also get to reclassify themselves as corporations to take advantage of "pass-through" income at a reduced tax rate.
Similar(55)
The decision not to reclassify ecstasy is also disappointing.
We will then either reclassify them, or will exit".
Financial firms would try to reclassify their debts as deposits.
Eventually, they decided to reclassify all of these as asteroids, Ceres included.
They trade them accordingly, until something happens, then reclassify them into new categories, he says.
I cannot help wanting to reclassify this show principally as mime.
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