Well, a million bucks isn't what it used to be. Seems to me the easy fix is to raise the exemption limit from it's current level to something more in line with modern times. Make the estate tax exempt up to 10 million.
Exactly! (With inflation indexing each year.)
What was that Daddy Warbucks line from the movie "Annie"?
"I made my first Billion dollars when I was 24. That was a lot of money back then!"
The problem with Democrat demagogues such as John Kerry (gigolo that married into a $500 million fortune tax-free and who paid less income tax in 2004 than Polybius paid in 2005) is that they define "The Rich" as a dual income family where the husband and the wife earn a combined $200,000 per year before taxes.
The problem with Warren Buffett is that he is so isolated from average Americans that he does not seem to have a clue that estate taxes affect more than those families who wonder if it is best to leave each kid $50 million or $500 million.
"You should leave each child enough money so that they can do anything they want to do but not so much money that they do nothing at all."...........Warren Buffet
I consider myself a workaholic but, even if my wife and I drop dead five minute before I retire, I will never be able to leave that much money to my two children so that they can do anything they please and not be on welfare by the time they are 40.
That is the world that Warren Buffet lives in and he is totally out of touch with even the most workaholic average American family.