| Show SMOOTS SMOOT'S PLAN TO r MAKE AKE CUTS APPLY TO 1 r FAVOR Coolidge Sifting Various Views Tie on Tax Reduction tion floii Program NUISANCE LEVIES Dispute Di Looms Over Ocr Policy on OIl Automobile Assessments i i RAPID CITY S. S D. D July 28 8 By ByThe The Associated d Press A A slash 01 ol one or two pr cent in the corpora- corpora corporations lions tax seems destined to f rm th keystone of the prospective tax re reduction re- re reduction reduction program Administration leaders who ho have conferred here with President Cool Cool- Coolidge Coolidge CoolIdge idge have e put this move down as one of or the first to be considered in the tax-cutting tax planned for next session Some Democratic leaders favored ored such a reduction last session and so concerted action on this point at least appears probable Other points which seem likely to gain cain administrative e favor Include re repeal re- re repeal repeal peal of the remaining war nuisance levies les including those on missions and club dues Cues However a arow arow arow row is impending on elimination of the automobile passenger car tax Re Re- Republicans RepUblicans Republicans publicans who have come here have endorsed a cut In this tax now amounting to three per cent but none has gone pone on record for its appeal REDUCTION REDUCTIO-J OF MILLIONS While no administration plan will b ba 2 announced until after the pres pres- presIdent president ident has conferred ith with Chairman Green Grcen of the house ways and means committee and Secretary Mellon Mellon- and there may be none even then t then then- en- en enIt it has been figured by those who came to the summer white house that the total reduction must be held to or Pointing to the surplus around which was piled up in inthe Inthe inthe the treasury during the fiscal fical year ending June 30 some Democratic leaders leaden have indicated there would be c a fight to make the total slash at least east A larger reduction was sought by bv Democrats two years ago aco Senator Smoot of or Utah chairman of the finance committee says a a. re reduction re- re reduction reduction in the corporation tax to 12 per cent per cen cent will cost the government or half hal of the total cut cutIn cutin In n taxes he favors APPLY TO 1927 He and other Republican leaders who have talked out here think the normal Income tax rates arc about right and would give relief to Income tax ax payers only in the class of those with incomes between and Whether any further reductions will ill be made on the normal Income tax rates or whether the exemptions of 1500 for single persons and for married persons will be raised therefore seems to hinge in inthe Inthe inthe the eyes of the administration spokesmen on whether it would be safe to go above the to total to- to total tal tat reduction mark now tentatively set by them partisan By-partisan approval is expected to tobe tobe tobe be given the proposal of Senator Smoot to make the prospective re reductions re- re reductions reductions apply on incomes earned during this calendar year jear ear on which taxes would be paid beginning next March 15 |
