To amend the Internal Revenue Code of 1986 to increase the exclusion equivalent of the unified credit allowed against the estate tax to $7,500,000 and to establish a flat estate tax rate.

Amends the Internal Revenue Code to: (1) increase the estate tax exclusion to $7.5 million; and (2) establish a single estate tax rate of 27.5 percent.

Repeals certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) relating to estate, gift, and generation-skpping transfer taxes.