To amend the Internal Revenue Code of 1986 to increase the unified credit against estate and gift taxes to an amount equivalent to a $1,000,000 exclusion.

Amends the Internal Revenue Code to increase the unified credit against estate tax and gift tax. Revises the formula for the phase-out of graduated rates and the unified credit. Requires the executor of an estate to make a tax return where the estate exceeds $1 million (currently $600,000).