It's all smoke and mirrors. If I want to transfer wealth to my kids, I could just 'invest' in their startup with an insanely high valuation (eg, 1% for $1B sta

It's all smoke and mirrors. If I want to transfer wealth to my kids, I could just 'invest' in their startup with an insanely high valuation (eg, 1% for $1B stake). I could also hire my children for $10m/year 10 years before I plan on being deceased. There's also just the ability to give 'gifts', living trusts, etc. Additionally, it's a good way to force capital-flight. People can just move their money to more favorable jurisdictions. Money goes to where it's most useful and least taxed. Simply put, 90% tax on anything is going to result in a $0 tax revenue. Keep that tax reasonable and you might see some of it.