mr. speaker , i rise today to voice my opposition to h.r. 8 . 
as a part-time farmer and former small business owner , i have long supported responsible legislation to provide estate tax relief for family-owned businesses . 
unfortunately , this bill will not accomplish that goal . 
throughout my service in the u.s. house , i have been a strong supporter of estate tax relief for family farmers and small business owners . 
the first bill i introduced as a member of congress was a bill to raise the inheritance tax exemption from $ 600 , 000 to $ 1.5 million and for the first time indexed it to inflation . 
but h.r. 8 is an extremely irresponsible bill that will add billions to our national debt for our children and grandchildren to pay and will harm more taxpayers than it helps . 
the unfortunate reality of our situation is that we have witnessed the most dramatic fiscal reversal in our nation 's history . 
our budget surpluses have been frittered away , and our nation is now drowning in red ink with ever- growing budget deficits and increasing federal debt . 
the primary culprits for our increasing debt are the risky , irresponsible tax schemes the republican congress has enacted the last 4 years . 
instead of adopting a bill that would increase the burden on our children and grandchildren , we need a common-sense solution that would exempt the vast majority of americans from an estate tax while maintaining a degree of fiscal integrity . 
that is why i am supporting the democratic substitute authored by representative earl pomeroy . 
this substitute provides an estate tax exemption of $ 3 million for individuals and $ 6 million for couples beginning in 2006 , and the exemption would increase to $ 3.5 million and $ 7 million respectively in 2009 . 
furthermore , this plan would instantly repeal the estate tax on a vast majority of farms and small businesses , as well as shield heirs from dramatic capital gains tax liabilities that are part of the republican plan . 
the u.s. department of agriculture has estimated that more farm estates would have an increased tax liability from the republican plan 's carry-over basis rules than would ever benefit from the repeal of the estate tax . 
i support estate tax relief , but not at the expense of our senior citizens who benefit from social security and medicare . 
the only way to pay for the republican bill is by taking more money out of the social security an medicare trust funds and replacing it with ious . 
h.r. 8 will compound the fiscal mistakes congress has made the last 2 years with its policy of tax cuts at any cost , including our children 's education and our nation 's future . 
the people of north carolina 's second district elected me to help chart a common-sense , fiscally prudent course for the country . 
i pledged to represent my constituents by paying down the national debt ; saving social security and medicare funds for older americans , and investing our country 's resources into education , health care and other initiatives that enable people to improve their lives . 
h.r. 8 is inconsistent with these goals ; therefore , i oppose the bill . 
