If you were a politician...

[Redalgo]

I am undecided on this one, stuck between a handful of conflicting considerations.

[Redalgo]

Yes, though I would prefer any sum of money gifted or inherited be considered part of the recipient's income for that year and taxed accordingly. Land and buildings are examples of things that would not be privately owned if I had my way, mind you, so the state could revoke individuals' management privileges of them (or sharply increase taxes on them) if the properties are not satisfactorily used for production. The estate tax does little to obstruct inter-generational transmission of privileges and competitive advantages.