What happens if the estate tax goes up?

The American Family Business Foundation has released "Growth Consequences of Estate Tax Reform: Impacts on Small and Family Businesses." It finds:

This paper examines the impacts of a higher estate tax rate on asset accumulation, small and family businesses’ cost of capital, investment outlays, desire to hire, size of payrolls and jobs. In each instance, raising the estate tax has significant negative impacts. In particular, letting the tax rate rise to 60% will cost as much as 1.5 million jobs, and even a more modest rate of 15% could diminish hiring by over 350,000 jobs.

Here's a picture.