Estate and Gift Tax Reduction Act of 1981

Estate and Gift Tax Reduction Act of 1981 - Amends the Internal Revenue Code to reduce the estate and gift tax rates. Increases the unified credit against the estate and gift taxes from $47,000 to $60,000 by specified annual increments through 1985. Increases from $175,000 to $600,000, by specified annual increments through 1985, the minimum gross estate requirement for filing of a return. Increases from $3,000 to $10,000 the annual gift tax exclusion.