This report accompanies H.R. 8 to amend the Internal Revenue Code of 1986 to phase out the estate & gift taxes over a 10-year period. It includes a cost estimate of the Congressional Budget Office. Contents of the report include: summary & background; explanation of the Bill: phase-in repeal of estate, gift, & generation-skipping transfer taxes, modify generation-skipping transfer taxes, & expand estate tax rule for conservation easements; votes of the Committee; budget effects of the Bill; other matters to be discussed under the rules of the House; changes in existing law made by the Bill as reported.