Tom Harkin: “2 weeks ago all 42 Republican Senators signed a letter threatening to filibuster any extension of tax cuts for…”

“2 weeks ago all 42 Republican Senators signed a letter threatening to filibuster any extension of tax cuts for middle-class Americans or any continuation of unemployment benefits unless and until the Senate agreed to extend tax cuts for the wealthiest Americans. As many have pointed out correctly, Republicans have been holding middle-class tax cuts and benefits for the unemployed hostage to an extension of tax cuts for the very rich. Well, it appears the hostage-taking incident is nearly over. The hostages--the unemployed--will be released. The ransom will be paid. Wealthy Americans who make $1 million or more a year will receive an average tax break of more than $100,000. Indeed, in the course of negotiations to rescue the hostages, Republicans demanded and got an even more royal ransom: they demanded and got a giveaway on estate taxes that will benefit only the wealthiest one-quarter of 1 percent of the U.S. population. The heirs of a single estate worth $1 billion would save $100 million thanks to the ransom demanded by the Republicans. Mr. President, no question, champagne corks are popping on Wall Street, and at America's most exclusive country clubs and boardrooms, the superrich and their heirs, I am sure, are planning on throwing lavish Christmas and New Year's parties. Tiffany jewelers will no doubt be looking forward to selling a record number of $29,800 watches. This is a picture of one.…”