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. Georgia Rep. Tom Price 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. 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 is a deal cannot be struck.
