Problem
As Joseph J. Thorndike wrote in 2011, "As a nation, we rely more on progressive taxes-and less on regressive ones-than any other developed country. We impose no broad-based consumption tax, standing firm against the global popularity of value-added levies."
The gift and estate tax is clearly the most progressive tax. As mentioned, in this week's presentation, one must have taxable transfers in excess of $12 million ($24 million for a married couple) to pay one penny in transfer tax.
Are the exclusions/exemptions of gift tax, estate tax, and/or GST too high? Too low? What do you think?