Trump's personal businesses are organized as pass-through entities, which allowed him to benefit from tax mitigation, much of which was through loss carry-forward.

川普名下的企业也是直通实体，这已让他通过结转亏损的方法从减税政策中受益良多。

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The issue is that a great number of small businesses are taxed as pass- through entities, so the rate of the corporate tax would not necessarily apply to those taxed at the individual rate.

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He noted that most small businesses are run as sole proprietorships or pass-through entities--S corps and partnerships--meaning their profits aren't taxed at the corporate level but are passed through and taxed on the individual owner's returns, at individual rates.

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Like smaller businesses, a healthy majority of middle market companies are organized as pass-through entities.

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