True, but it wasn't gonna happen. If the estate tax came back with a 1 million dollar exemption, it would have fucked everybody. All you need to do is live in California and own a house, and you probably reached the 1 million point. Then you have to pay 55% on everything over that. So how are you gonna pay that off if your parents left you nothing but a house? By selling the house. So in the end, you're still poor as fuck and you just lost your family's house.
The estate tax would have been repealed by both the left and the right. The one thing everyone could agree on was that 1 million was way too low of a threshold to begin taxing. Bumping it up to 5 was a big compromise. Now it'll effect the massively rich people who need to be taxed, but it's not going to effect the people who's parents died and left them a couple stocks, bonds, a house and a car.