** Shares of some Brazilian financial services companies fall in U.S. premarket trading

** XP XP.O, StoneCo STNE.O, Nu Holdings NU.N, PagSeguro Digital PAGS.N, and Inter & Co INTR.O fall 5.6%, 4.2%, 2.4%, 1%, and 9.7%, respectively

** U.S.-listed shares of Banco Bradesco BBD.N fall 4.9%

** Brazil's government after U.S. markets closed on Wednesday proposed to expand income tax exemptions for lower-income Brazilians and increase taxes on those who earn more

** That frustrated investors who had expected the focus to be on spending cuts, with Brazilian real hitting an all-time low of 6.02 per dollar on Thursday

** Itaú BBA says higher taxes on those who earn more could be worse for legacy banks and investment platforms that are most exposed to these segments

** Brokerage says lower-income players such as NU and BBD could benefit in the near-term, but the mid-term is more uncertain as there are concerns about the potential inflationary pressures the reforms may bring

** U.S. exchanges were closed on Thursday in observance of Thanksgiving holiday

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))