It argues that repealing the tax would damage government essential government programmes or hurt families on low incomes.

Billions of dollars of government revenue lost would be made up for either by increasing taxes for those less able to pay or by cutting programmes such as social security or environmental protection, it says.

It adds that repeal of the law would harm charities, as many rich people make charitable donations to reduce the sizes of their estates.

'Aristocracy of wealth'

Mr Buffett, who himself did not sign the petition because he thought it did not go far enough, said that repealing the estate tax would be a "terrible mistake".

It was like "choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics".

Removing the tax would lead to the creation of an "aristocracy of wealth" instead of a meritocracy, he added.

Estate taxes are assessed on the net worth of an individual at death.

Only 2% of Americans who die annually pay the tax.