This bill, known as the Death Tax Repeal Act , aims to fundamentally alter federal transfer tax laws by repealing both the estate tax and the generation-skipping transfer (GST) tax . Specifically, it amends the Internal Revenue Code to ensure that Chapter 11 (Estate Tax) and Chapter 13 (GST Tax) no longer apply to transfers occurring on or after the bill's enactment date. This would effectively eliminate federal taxation on inherited wealth and transfers that skip a generation. In conjunction with these repeals, the bill introduces several conforming amendments to the gift tax . It revises the computation of the gift tax and significantly alters the lifetime gift exemption. The exemption for gifts would be set at a fixed $10,000,000 , with provisions for inflation adjustments starting from 2011, and removes the term "unified" from the gift tax credit section, reflecting the decoupling from the estate tax. These changes would apply to estates of decedents dying, generation-skipping transfers, and gifts made on or after the date of enactment, with specific transition rules for the year of enactment.