If your kids can't make it in America with the $23 million that's exempt from this tax then you did a poor job raising them to manage their money.

> There is no point in building wealth or a family business other than to ensure your family will benefit from it when you're gone.

Sure there is. They'd still get to keep the majority of it.

Maybe because working hard and doing good work that people value adds to life satisfaction and status.

That's all the rest of us have going for us. Passing on billions isn't even an option.

The only reason you think long term is for your children and not their wider community or society?

Community and society tax me for everything I do, eat or drink, all my life. Wealthier people already contribute more per capita than most other people, while getting the same benefits. What's the rationale for feeling obliged to contribute even more? Survivor's guilt?

This makes no sense. There is also no point in starting a (for profit) business except to make profit. Neither inheritance nor profit are eliminated by taxes - they are reduced.

For assets not taking advantage of the step up basis in New York (e.g. small business profits) the tax rate would be ~50% federal and state in the year earned, plus 56% federal and state when you pass. That's an overall rate of 78%... I'm not sure "reduced" is the right word here.