- Text smaller
- Text bigger
President Obama says it's time for wealthier Americans to pay higher
taxes and last week the Democratically-controlled Senate agreed. But on
Wednesday, the Republican-led House of Representatives began debate on a tax bill of its own.
The GOP is pushing to extend existing tax rates on all income brackets and on capital gains, dividend and estate taxes as
well as the Alternative Minimum Tax.
Rep. Tom Price, R-Ga., is a member of the House Budget Committee and the House GOP Leadership. He says the Senate bill was unconstitutional because all tax legislation must start
in the House.
"I'm not certain what the U.S. Senate was doing last week … it certaining wasn't a constitutional action," Price told WND.
He also says the tax hikes on the wealthy are a bad idea,
especially in a struggling economy. Price says the majority of small
businesses file in the top individual tax bracket and raising taxes
could mean the nationwide loss of more than 700,000 jobs.
Price also elaborates on where the fight goes from here, given sharp disagreements between the parties and a massive tax hike for everyone looming in January if a deal cannot be struck.