A new bill being developed by the House Ways and Means Committee would phase out the "death tax" by 2010 while also phasing out the step-up in basis for appreciated assets. This bill is similar to the estate-tax provisions included in the $792 billion tax cut bill vetoed by President Clinton last year. 

It may be considered by the full House as early as the week of June 5^th, but the bill already has 238 cosponsors—20 more than needed for passage—including 44 Democrats. A veto is expected, but Committee Chairman Bill Archer (R-TX) hopes its wide support may convince the President to sign the bill.