Show SMOOT DEFENDS REPEAL OF TAX Senate Committee Would Would Reduce Reduce Maximum Income Levy Leyy WASHINGTON WASI Jan 22 tB 22 22 B The Th A Tr The i-The Th rt- rt rrt rn-rrt pOrI rj of the senate m t finanCe coni on the tax t K reduction bill as ao to th the senate renat toda today by Chairman Smoot defended rp ri r peal peal of the Inheritance tax on the th ground round that this field of ot taxation should be left entirely lv to states statu ex- ex e opt i-opt In emergency n Only the th ten tn mer-II mer mer- mer hers bera o of th tho committee slimed signed the report Senators Kinc of Utah anti Jones of ot New Mexico Democrats haye Indicated they would tile file sip sip- p-arate p arate reports but lut the other Demo Demo- Democrats Crati on tho the committee have hav Indi Indicated o agreement with most ot of o the features of the bill Further dIscussing its III it proposed tI repeat repeal of the Inheritance tax against which a a stubborn fight I tIn In prospect the th committee major majol majority majorIty lIy ity declared adoption by the th house hou of ot a II provision allowing SO 81 per ent c n credit for tor payments payment of to t stat In in- in inheritance In taxes con constituted an ad ad- ad admission art mission that only 20 per cent ot of the te federal levy was needed The report said mId ld the th commIttee was unanimous for reductions of tile maximum surtax rate from from 40 4 to 20 per cent I lit Tl approved by the hotl house e This Thit figure was as described as the lowest 10 practicable rate and the report added The Th committee e has hag not ep- ep ap approached preached the matter from from th tb standpoint stand point of the e ex wealthy |