A bill to amend the Internal Revenue Code of 1954 to increase the unified credit against estate and gift taxes to provide that $500,000 of property shall be exempt from such taxes, and to provide an inflation adjustment of such amount.

Amends the Internal Revenue Code to increase the unified credit against the estate and gift tax from $47,000 to $155,800 by specified annual increments through 1986.

Provides for a yearly inflation adjustment of the amount of such credit.