The House Ways and Means Committee approved a modified version of H.R. 8—a bill to repeal all estate and gift taxes over the next 10 years. Committee Chairman Bill Archer submitted the substitute bill, which made several changes to the original:

• Converting the unified tax credit into a true exemption in 2001;
• Repealing tax rates over 53% and the 5% surtax in 2001, and repealing tax rates over 50% in 2002;
• Reducing gift and estate tax rates by 1% per year from 2003 to 2006, by 1.5% in 2007, and by 2% in 2008 and 2009, and repealing gift and estate taxes in 2010;
• Reducing the state death tax credit rates in proportion to the reductions in tax rates from 2003 through 2009.