This was all the information given:

Currently the estate and gift tax impacts approximately of 1% of the population of the United States since the estate and gift tax exemption is $11.7 million in 2021. Unless Congress acts to make the JCTA of 2017 permanent the exemption will revert to the pre-2018 level as indexed for inflation to approximately $5.9 million. The current out of pocket estate and gift tax marginal rate is 40% but could revert back to 45%. The sunset of the JCTA of 2017 may result in 1% of the US taxpayers being subject to the estate and gift tax laws.

Back in the 1970's or 80's Canada eliminate its estate tax in favor of a capital gains tax at death. Death is now a deemed sale of assets at fair market value. The tax rate is approximately 50% but is relatively simple to administer.

Here in the US estate and gift tax planning for the wealthy is a big business for attorneys, CPAs, valuation experts, financial planners, and life insurance professionals. The politics of the estate tax has devolved to the point where it has been renamed for media purposes "the Death Tax" because politicians want constituents to believe that 95% of Americans suffer from the tax.

If you could, how would design the estate and gift taxation? Would you eliminate? Keep it? Reduce it? Raise it? Replace it? What would you do and Why?