mr. speaker , i rise today in strong support of making estate tax relief permanent so that family-owned farms and businesses can be passed down from generation to generation . 
the estate tax should be updated and modernized to reflect both the economic growth many americans have experienced in recent years , and the hard work of millions of entrepreneurs and those just trying to make a living . 
these businesses should not be punished for being successful or for simply having their owners pass away . 
the united states is the land of opportunity , encouraging free enterprise and rewarding entrepreneurs . 
the estate tax should be modified to protect family-owned small businesses and family farms from the threat of having to be sold just to pay the tax . 
but , mr. speaker , h.r. 8 would fully repeal the estate tax for all americans at a time when the administration is running record deficits that threaten the futures of our children 's children . 
as we all know , the estate tax applies to fewer than 2 percent of all estates , about 50 , 000 a year . 
this bill would initially cost the nation 's treasury $ 290 billion over 10 years . 
this year alone , our budget deficit will exceed $ 400 billion . 
this administration has turned a projected $ 5.6 trillion surplus over ten years into deficits totalling $ 2.6 trillion . 
however , even with these record deficits , we are debating yet another tax cut . 
with the majority 's policies leading our nation toward a fiscal train wreck , we should not be talking about totally repealing the death tax and instead talk about doing something about the debt tax , which falls upon all americans . 
therefore , i am supporting the substitute being offered by my good friend mr. pomeroy . 
his legislation will immediately help the small businesses and family farms by increasing the estate tax exemption to $ 3 million for individuals and $ 6 million for couples . 
this meaningful , common-sense bill will exempt 99.7 percent of all estates from the estate tax . 
under current law , the tax basis for inherited property is `` stepped up '' to its value at transfer through 2009 , which helps farmers and small business owners who inherit property by reducing the amount of capital gains taxes to which the property is subject . 
under current law , in 2010 , `` carry-over '' basis rules ( with a $ 1.3 million exemption ) replace the `` stepped-up '' basis rules , creating burdensome mr. speaker , it is our responsibility to avoid towering deficits and reduce the debt future generations will inherit . 
we must give them the capability and flexibility to meet whatever problems or needs they face . 
i can not , in good faith , support legislation that will put our country further into deficit spending with a tax cut that will hurt future generations for the unforeseeable future . 
