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 .  