All of this stuff, this wealth, is the result of other people’s work. Their earnings. The money they made, by win-win voluntary transactions, usually doing what a boss says, for money. Civilization benefits. Based on private property and mutually beneficial trade, transactions.

If the govt wasn’t trying to give away so much money, it wouldn’t need more taxes. While I’m no longer a Libertarian, I’m still very much in favor of less govt — instead of arguing about what the optimal final size (0% or 10% or x%), the current govt is too big and spending too much. Especially far too much on govt cash for programs the govt shouldn’t be spending cash on. To give benefits to those who haven’t earned it.

Still, when I compare income taxes on working folk who have earned money (hard or easy work) to inheritance taxes, I favor more taxes on the dead rather than the living.

Mamdani is being smart asking for 200-500% more than he is likely to get, like Trump often does, so as to change what opponents think about. Why not $750k as the tax-free cap rather than $7 M? It should be some number of years of annual median wage, like 100 or 50 or maybe 10 * $60k = $600k or $3 M, or $6 M. Similarly, why not 50%, or 90% (the British income tax rate that made John Lennon move to America)? Unlike higher income taxes, it seems unlikely rich folk will move away because of high inheritance taxes, tho there will be far more pressure by wives & children to move before the estate pays, like to Florida.
[What is the favorite wine of a Jewish American Princess?
.
When do we go to Miami? (in a whiney voice – whine!)]
Florida state budget about $117 billion, about the same $116 billion of NYC.

We all know that rich folk often borrow huge amounts of money to start businesses or buy real estate for their spouses & kids — such loan interest is tax deductible (govt supported) AND often creates a money making opportunity. In the case of housing, super rich buyers are competing with, and increasing the prices paid by, the rich & merely well off & even just those quite comfortable in the house prices they pay.

Ask Grok or some AI to explain how to minimize death taxes. Lifetime gifting; bequeath at death with step-up; Grantor Retained Annuity Trust (GRAT)
–The combination of the annual/lifetime exemptions, the step-up in basis at death, and GRATs (or similar trusts) is how the wealthy move enormous blocks of appreciated stock to the next generation while paying the absolute minimum in taxes. Rules are complex and change periodically
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I’m outraged at the super rich loopholes written by the rich (wanabes? on their way), for the rich, while taxing the not rich.
But it’s govt spending which needs to be reduced more than changing the tax system.

That’s why I, as an anti-elitist, support raising the estate tax. I want daddy to make as much as he wants but keep the money from his useless, socialist children and grandchildren. If Joe Kennedy’s estate had been heavily taxed, we would have been spared Teddy Kennedy and the rest of the clan.