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.

[AI summary unavailable — showing source text] 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 1985. Provides for a yearly inflation adjustment of the amount of such credit.…