| Show URGE FAST WORK ORK ON TAX MEASURE Utah Senator Sets February February February ary 10 as Date for Passage of New Bill DEFENDS SAVING SAV-ING ON BIG INCOMES Declares Levy on Corporate Corporate Corpo Corpo- rate rate Earnings and en on Dividends Up p to Limit WASHINGTON WASHINGTO Jan 28 AP AP- AP AP- AP Opening senate s-enate debate on the tax reduction ion bill ilI today Chairman I Smoot of the finance co committee in charge of the m measure asure set F Feb Feb- I b-I r ary 10 as the d date te for final passage passage pas pas- sage sate if if ta tax reduction is to be assured assured as as- I as-I by March 15 when first Income ta tax instalments are are due I Senator Smoot said ample time timS should should be given for debate debate but that after passage of the measure by the senate senate the bill bili must be sent to conference fo for ad of differences between th house and senate with a furI further further fur- fur ther delay while new income I blanks must bo be printed The committee chairman disI discussed discussed dis dis- I cussed principally th the tax reducing redu- redu ing points of the bill particularly those provisions by which committee commit tee te-e under a compromise agreement nt of Republicans and Democrats increase increased in increased in- in crease creased the amount of or total re reI re re- I I o of oc provided b by y the the- house bill to TAXPAYERS SAVE MILLIONS Reductions in the income taxes provided by the measure would amont amount to this year Ir 11 Mr Smoot said said which he divided as follows Incomes of less than I incomes of to in incomes incomes in- in comes conies in excess of Anticipating attacks on the grounds rounds that the new rates gave too much reduction on s I Jf er I b b B I lasU in th in-th tho- tho m maximum surtax x ra rate e from 40 to to 20 1 cent ind find riot not e enough on Incomes between ep and aid I n to Sm Smoot ot declared the principle f sound economics I was involved which looked further further further fur ther than to the interest of any individual or group L The largest single source of income jor for those having Inc incomes mes over over is from dividends he said Ve We have hate made no cut cutIn cutIn cutin In the corporation j tax It is only prop proper r that the tax on dividends should be reduced through the surtax reduction To tax corporate earnings first at the 12 per cent rate whether distributed or not and again at the 20 21 per cent incase incase in incase case of a distribution to persons person with an Income in excess of or a total of 32 per cent on page 7 SMOOT URGES I FAST WORK ON TAX MEASURE Continued from page 1 would seem to to- tobe be going quite as asar asfar asfar far ar as justice and fairness can permIt EXPLAINS EXPLAIN PERSONAL LEVY He explained that under the n new nv w tax ax rates revenue would h he collected collected col- col from personal incomes as follows Incomes of less than Incomes of to in incomes incomes in- in comes in excess of Those who nave have ve high incomes each ach year he continued must contribute any arty tax saving toward investment In Industrial enterprises reacting to benefit all of the people and an additional tax contribution to o the govern government must result in subsequent years from the corresponding corresponding corre- corre increase in corporation I earnings and dividend those who have large larger incomes for tor forthe forthe the first time in their r lives that lives that thatis is Incomes In excess of are certainly making a proper contrIbution con- con to the government under A law aw that obliges them to turn over oer one-fourth one of th their lr profit in the form torm orm of taxes I Advocating repeal of the thc provision allowing Mowing publicity of income tax payments Senator Smoot de declared I It t of little value because of obvious means leans of or making false falso returns whIch could be corrected after pub- pub cation The treasury he said has been unable een-unable unable to trace any additional tax ax receipt from the fact tact of ot publicity public public- it ty ity FAVORS STATE LEVY Defending the repeal of the tIme os- os tate ate tax or inheritance ta tax tar the committee chairman declared Jt U I would sem quite proper propel at thI Uw for or the federal government to will will- I draw raw from a field of taxation which I is s t so O fundamentally and naturally withIn the the peculiar province of Jt each indivIdual state The constitutionality o of or this ta ax a he continued rests upon the principle that it Is an excise tax upon pan the mere nere incident of transfer ot of f the estate at death and the tho value ot of f tho the estate is used as a basis for tor forthe the he application of the tho tax rat rates os The provision in the house hoose bill bIHar mar af- lowing owing a credit of 80 per cent on ac- ac count of at payments to states on inheritance inheritance in- in taxes was assailed by Senator Smoot as constituting coercion cordon co of the states mind and he de- de tended fended the 1110 he retroactive cut in In lien lien- j tance rates so as to ma mac make the he 1921 I schedules apply appl on all inheritances up to the time the pending bill be becomes becomes becomes be- be comes law rather than the high higher r rates in effect since 1924 This was done In a spirit of fairness and justice to the living and the dead he said estimating that it would cost this year to make the retroactive reduction Discussing reductions made in the thc excise and miscellaneous taxes Senator Smoot pointed out that it was impossible to give all the re relief re- re asked lief lIet WRETCH Ills wife wife wife-A ire ire-A A writer here here why some husbands consider thoU then wives angels Her Brute I Brute I suppose it Its It's s because the they are always harping on something some some- thing thing Answers Will HE ASKED ASIE hER HEn She She Its Its It's very good good of of you to asK me to dance He Dont Don't Don't Dont 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