I don't see how an estate tax is any more ridiculous than any other tax.
It's ridiculous because you've already paid taxes on the accumlation of tangible assets.
For example: you buy a gold coin for a buck. You sell it for two bucks, say, five years later. You have to record that Capital Gain, and pay a tax based on that market exchange. While your buck turned into two bucks (for you), fat Uncle Sam gets to turn around and tax that same asset again, while not giving a tax credit for asset losses.
Suppose, after selling that coin for cash, you want to leave the Legal Tender to your children/heirs. Fat Uncle Sam, in many cases, wants 55 cents on the dollar.
I oversimplified, but you get it.