and it would be even less without the step up basis adjustment..... WHICH IS A TAX BENEFIT THAT OVERWHELMINGLY BENEFITS THE WEALTHY.
You just don't get it, amigo....
Without the federal estate tax, those that inherit the estate would be inheriting up to 45% MORE in total....the step up basis only effects the person that inherits the property, not estate tax.
The not so rich that don't pay any fet, make out even better, they get the full total value of the estate plus the step up tax break on cap. gains...