Taxes, isn't inheritance tax (on wealthy families) the elephant in the room?
Unpopular opinion coming through
Most comparable developed countries have inheritance taxes at high minimum estate values. Because they are widely viewed as the most fair and equitable form of taxation - not taxing you for your hard work or intelligent decisions, just purely for winning the lottery of being born into a wealthy family.
Having zero inheritance taxes is simply laying out the red carpet for entrenched, generational wealth and class differences.
Is this too much of a political hot potato to be touched? "Every worker in the country takes a massive income tax cut, but we balance it with a new 20% inheritance tax on estates worth over $3mil" type of thing.
What is it about Australia in particular that dislikes inheritance taxes whereas many comparable countries don't have such a strong reaction?
Edit: Some of the replies are missing the point. Let's assume that the revenue from the inheritance tax was used to decrease other taxes such as income tax. Reducing the tax burden on workers. Of course you could argue that is unrealistic - but that's a different issue.