To amend the Internal Revenue Code of 1986 to permanently reduce estate and gift tax rates to 30 percent, to increase the exclusion equivalent of the unified credit to $10,000,000, and to increase the annual gift tax exclusion to $50,000.

Amends the Internal Revenue Code to: (1) reduce the top marginal tax rate for estates and gifts to 30 percent; (2) increase the estate tax exclusion amount to $10 million, with an annual adjustment for inflation; and (3) increase the annual gift tax exclusion from $10,000 to $50,000.