One thing to consider is that an inheritance tax would probably end up hurting middle class inheritors much more than the obscenely wealthy.
Say your middle class parents bought a lake lot 50 years ago. Over time they saved up enough to build a nice retirement cabin on it. Now they want to leave it to you and your brother and you both love going out to that lake.
Well that's too bad because the lake has gotten popular and the property is now appraised at 800,000 and the government will demand a third of that in cash when your parents pass away Which you don't have lying around.
You get screwed out of a place that has great sentimental value as a result.
If we are concerned about the super wealthy having too much money to give their offspring we should just tax them more when they are alive.
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