DRAFT
The proposal to lower the exclusion amount subject to estate tax is misguided. Passing on wealth in amounts that are significant but not extreme (cf. 1% wealthy persons) is a good idea. The estate tax imposed on estates valued at several million dollars or more does not encourage parents to save for their next generations. Surviving generations can learn to plan for the preservation of wealth and property earned by their parents. Family farms and businesses can stay in the family.
A threshold dollar amount for the exclusion may be a must but it is difficult to define and simultaneously to be fair to all. Some propose abolishing the estate tax, but that is socially not responsible. Some propose small exclusion amounts, but that is just as socially irresponsible as is does not promote savings, nor preservation of the family business or the family farm.