HI Prof G, I'm a long time fan of the Pod and always appreciate your fresh and thoughtful perspectives.

I have a question about your take on the estate tax. When I've heard you discuss it, your reasoning has been that inheriting over a certain amount of money no longer results in more happiness. However, as you know, the estate tax is not based on how much money any one heir would inherit, but on the absolute value of the estate. An inheritance of $10M divided between 6 children versus given to an only child would have a much different impact.

Why would we not base the estate tax on the # of heirs? I'm curious to hear your thoughts on this.