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 modify the estate tax rate schedule.

Amends the Internal Revenue Code with respect to the estate tax to: (1) increase the unified credit to $7.5 million; and (2) revise the tax rate schedule.

Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to eliminate certain estate and gift tax repeals scheduled to take effect after December 31, 2009.