> The income used to accumulate the assets left at death was taxed when it was received; the earnings on the assets were taxed year after year Neither of these

> The income used to accumulate the assets left at death was taxed when it was received; the earnings on the assets were taxed year after year Neither of these are necessarily true. Although, an estate tax is probably a poor place to catch this. Typically, the real wealth isn't even directly owned by a human being anyways, but rather beneficial trusts, etc.