Maybe? That doesn’t counter my point. If anything it only enhances it. Estate taxes do not contribute to “riotous living” because cash on hand is not at all a limiting factor on how much they party. There are more important things, like the perception and how that affects them (like you pointed out).

“If I leave this hundred billion dollars to my kids, the government will take a portion. Better to spend it on hookers and blow instead!”

That makes about zero sense, so I don’t at all believe that’s the message the estate tax is sending or it would even matter if it was. The thing that keeps billionaires from partying isn’t the price tag.