There is no place in the American polity for an aristocracy, regardless of the basis of their political power. Our constitution has effectively banned the development of a landed or titled gentry. What it has failed to dodge is the ascent of a functional equivalent, a monied class of either leaders or kingmakers.
This we are obliged to protect against as well. The answer is not a 100% inheritance tax, but a system that encourages the commercial application of capital and neuters the political application of same. Once we start deviating from “one person, one vote,” we take our first steps away from being America and toward becoming Far Western Europe.