The Joint Economic Committee yesterday released Costs and Consequences of the Federal Estate Tax:  A Joint Economic Committee Study:

This study examines the arguments for and against the federal estate tax, finding that benefits of the tax are often overstated, and in any case are far smaller than the documented costs. In light of this finding, there is no compelling reason to keep the tax, and a number of reasons to reduce or abolish it.

• The estate tax impedes economic growth through high compliance costs and economic inefficiencies, and has reduced the stock of capital in the economy by approximately $847 billion.
• The estate tax hinders entry into self-employment and breaks up family-run businesses, many of which lack the liquid resources needed to meet their estate tax obligations. The tax is also an impediment to upward income and wealth mobility.
• Much research indicates that the estate tax is an ineffective tool for fighting wealth and income inequality. In fact, some estimates indicate that the tax exacerbates inequality.
• The benefits of the charitable deduction are often overstated, with recent research indicating the tax has only a modest, if any, impact on gifts to charity.