Again, the effectual rate is nowhere near 40%. It's closer to 5%.
I am reading (below) that the effective tax rate on the entire estate for those that pay is 15%. But that is taking into account the exemption which is currently $5M. So the marginal tax rate is much closer to 35% and is only reduced to the degree which the estate can be protected by trusts and life insurance and such.
When the marginal tax rate goes to 55% above one million all of these numberrs will skyrocket. There is only so much money you can hide. I don't think you can put your house and boat into a trust.