NPR ran a short, but well-done story on the rhetoric surrounding the federal estate tax. As the campaigns race towards a finish line, I am not surprised to see discussion of the estate tax emerge. Feared by many, but paid by very few, it is yet another example of people playing off of other's lack of knowledge ("I will save you from this tax....even though you are not likely to have to pay it").
In the unlikely event the exemption falls to $1 million, then yes, it will hit a lot more people. However, I urge people to pay more attention to issues related to gift taxes than to estate taxes, paid by less than 2 percent of estates.