Show senate predicts olg big tax cut washington Washing tom A tax reduction of at least and possibly by tho the next congress has been predicted by chairman smoot of the senate finance committee lie ile based his estimates on the indicated surplus 13 shown by treasury treasur figures the cut in surtaxes sur taxes he predicted would be to 20 per cent from the present rate of 40 per cent but in advance of a clear indication of what would be dono done with miscellaneous taxes he would not estimate the cut in normal income taxes should it be decided to utilize all the present sources of revenue raising mr smoot looked tor for a normal tax reduction greater than would be possible it some of the sources wore were eliminated |