And, because assets were stepped up in basis at death, the vast appreciation in those assets wasn't subject to any capital gains tax when the asset was sold post-death.

So, you buy a house for $15,000 - which a lot of people did 50 years ago - and when you die, it's worth $500,000.  It gets included in your estate, and if you were lucky or savvy enough to have built an estate over the exemption amount, your estate might owe some estate tax on it.  But, if the estate isn't large enough, there is no tax at all.  And if your beneficiaries sell it, the basis for gain or loss isn't $15,000, it's $500,000, so unless it appreciates beyond that, there's no income tax associated with the transfer of that house.

That being said, with the disappearance of the estate tax this year, we are now faced with a hybrid "carry-over basis" that does take into account the decedent's basis, although there is a $2MM basis adjustment amount that can be used to increase basis - but not all of it to any one asset; it's too esoteric to get into here, but it's going to be a real headache, trust me.

I get that those who have worked to create their own wealth want to keep it, and want as much of it as possible can be passed to the next generation, but I truly don't understand the mind-set that doesn't understand that, when Mom or Dad kicks off with a big pile of assets that their children had nothing to do with creating, those children will still have more than they had before, regardless of whether Uncle Sam gets 10% or 30% or 50% of it.

I see several kinds of wealth in the work that I do, but regardless of how that wealth is created, the ability of succeeding generations to build and accumulate more wealth gets a big head start through inheritance; it really is easier to make money when you have money.

I'm sure he has been part of Gate's & Buffet's, etc, pledge to give away the majority of their wealth.

Carnegie based his philosophy on the observation that the heirs of large fortunes frequently squandered them in riotous living

Just about everyone believes in and gives at least some of their "stuff" to, and invests their "stuff" in, our society. Some people give/invest all or most of their stuff.

However, since it is their "stuff," most people like to be able decide for themselves how and when their own stuff gets distributed.

Some people think they should be able decide what other people are forced to do with their stuff.

Some people think that they should be the judge and jury on whether or not that guy over there is using his stuff well enough, and if he's not, they think they shold be able to take that guy's stuff.