The Turnbull government is being urged to resurrect death duties and Treasurer Scott Morrison isn't ruling it out.

Australia abolished its state and federal inheritance taxes almost 40 years ago but a number of economists believe the government should consider a new national scheme as part of its tax reform process.

Proponents of an inheritance tax say it could raise more than $1 billion a year by targeting only the nation's most wealthy people, contributing both to the budget bottom line and social equity.

University of Sydney economist Frank Stilwell says a tax targeting bequests of more than $2 million could raise significant revenue while affecting only a small number of people.