Federal gift tax usually does not apply to the full amount of the gift. Prior taxable gifts must be added in arriving at the tax base to which the unified transfer tax rate is applied. Because the gift tax is cumulative, a credit is allowed against the gift taxes paid (or deemed paid) on prior taxable gifts included in the tax base. Because Congress did not intend for the gift tax to apply to smaller transfers, it provided for an annual exclusion which is $_ for 2021.