In 2001, the estate tax exemption was $0.5 million. Today, wealth up to 5 million (10 million for couples) is exempt. Charitable donations are also exempt. Studies suggest that eliminating the estate tax would weaken the incentive to contribute to charity and reduce contributions by about $12 billion per year (Auten & Joulaian, Journal of Public Economics, 1996).
The revenue from these taxes can be used to improve public education and invest in infrastructure.
"For all men being originally equals, no one by birth could have a right to set up his own family in perpetual preference to all others for ever, and though himself might deserve some decent degree of honors of his cotemporaries, yet his descendants might be far too unworthy to inherit them."
--Thomas Paine, Common Sense pg. 22