Tom Harkin: “I was disturbed to read in the Washington Post this morning that some agreements were being made, that Democrats have…”

“I was disturbed to read in the Washington Post this morning that some agreements were being made, that Democrats have agreed to raise the level from $250,000 to $450,000 and we would keep the estate taxes at the $5 million level at 35 percent. All I can say is this is one Democrat who does not agree with that at all. What it looks like is all the taxes are going to be made permanent, but those items that the middle-class in America truly depend on are extended for 1 year--maybe 2 years at the most. I think that is grossly unfair. We are going to lock in forever the idea that $450,000 a year is middle class in America? Need I remind people that those making $250,000 are the top 2 percent income earners in America? I know the President keeps saying he wants to protect tax cuts for the middle class, which is fine. I am all for that. If we go up to $250,000, that is a pill we can swallow because that covers everyone except the top 2 percent. Those who make $250,000 a year are not middle class. They are the top 2 percent of income earners in America. What have we forgotten? Have we forgotten that the average income earners in America are making $25,000, $30,000, $40,000, $50,000, $60,000 a year? That is the real middle class in America, and they are the ones who are getting hammered right now. They are getting hammered with housing and rental costs, heating bills, kids going to school, and they have no retirement.…”