Tom Harkin: “I am dumbfounded that the Senate is debating yet another gigantic tax break for the wealthiest people in our society.…”

“I am dumbfounded that the Senate is debating yet another gigantic tax break for the wealthiest people in our society. The Republicans are pushing this latest giveaway despite the fact that we are facing a deficit, this year, in excess of $300 billion a year, despite the fact that they have run up $2 trillion in new debt since President Bush took office, despite the fact that they have increased spending by 25 percent in just 5 years' time, and despite the fact that we are spending $10 billion a month on seemingly endless wars in Iraq and Afghanistan. The level of irresponsibility is just breathtaking. This is a tax break we cannot afford, benefitting people who don't need it. Currently, the estate tax impacts far less than 1 percent of the wealthiest families in America. And you can be sure that these are not families facing economic hardship or struggling to make ends meet. Repeal of the estate tax would not create a single new job. It would do nothing to increase productivity or competitiveness. It would do nothing to improve the education of our children or the general well- being of the American people. No, this is a pure and simple giveaway--a bonanza for those who have already received the lion's share of the tax breaks passed over the last 5 years. And let's be clear: There is nothing conservative about handing out tax breaks costing nearly $1 trillion, including interest, over 10 years and passing the bill to our children and grandchildren.…”