[CorruptedArc]

I see no world were this doesn't end poorly. You either see mass emigration of the wealthy at old age or an incentivisation of illicit off the books banking (both domestically & offshore). I can't think of anyone who'd be willing to hand over the majority of their wealth to the government upon death. It would become common practice to attempt to circumvent this.

If everything above 10 million is taken as a death tax you can be sure no estates are going to be worth over 10 million publicly.

[austincheney]

My thinking about the emigration is that if wealthy old people leave so that they can leave wealth to their heirs they are dooming their heirs to a hard decision: leave to access that wealth or stay with access to the wealth capped at 10 million. The only harm that I see in this is that a few inheritors leave the country.

Creatively reducing the values of estate wealth to the taxable cap would increase access to like conditions for people who normally have access to that much wealth and not much more which greatly lowers wealth distribution in the top 1% which is still a good thing.

[mnm1]

Emigrating does not absolve one of the duty to pay taxes in the US. Renouncing citizenship does, but doing so for tax reasons is already illegal and those that do would be taxed anyway when renouncing.