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The United States tax system includes a tax on assets held at death, the estate tax and the gift tax. Among key components of the estate and gift tax are the definition of its taxable base, tax rate and exemption level. A related argument is that the tax reduces the concentration of wealth and its perceived adverse consequences for society. Critics of the estate and gift tax make two major arguments: the estate and gift tax discourages savings and investments, and the tax imposes an undue burden on closely held family businesses. Critics also suggest that the estate and gift tax is flawed as a method of introducing progressivity because there are many methods of avoiding the tax, methods that are more available to very wealthy families. This book provides an explanation of how the tax operates, analyses the arguments for and against the tax and discusses alternative policy options.