Lily Batchelder (NYU) presents How Should an Ideal Consumption Tax or Income Tax Treat Wealth Transfers? at NYU today as part of its Colloquium Series on Tax Policy and Public Finance.  Here is part of the Introduction:

This paper … considers the ideal treatment of wealth transfers from a welfarist perspective in the context of both an ideal consumption tax and ideal income tax. It reaches three conclusions that apply regardless of which tax base is superior. Tax burdens should be adjusted for gratuitous gifts and bequests. Assuming existing empirical evidence is roughly accurate, the ideal form of the tax on wealth transfers is predominantly an inclusion-accessions tax (a comprehensive inheritance tax). Finally, once again assuming existing evidence is roughly correct, the ideal tax should be positive—and potentially raise a much larger share of revenues than is currently the case in the U.S. or cross-nationally.

The co-convenors are Daniel Shaviro (NYU) & Kevin Hassett (American Enterprise Institute).

Update:  Dan Shaviro has an expended discussion of the Colloquium here.