--- title: "Meaning & Key Takeaway of: The wealth in many large estates has…" description: "\"The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital gains.\" — Richard T..." image: "https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png" --- # The wealth in many large estates has never been taxed… ![“The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital gains.” quote by Richard Thaler](https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png) [Download](https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png) [Open image](https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png) > “The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital gains.” [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Large estates often avoid taxes because most of their wealth is in unrealized capital gains, which are not taxed until realized. **In simple terms:** Unrealized gains escape taxes until sold. Key Takeaway Consider tax implications of holding assets. Themes wealth taxation economics policy Mood analytical critical Type economic policy When to use this quote - estate planning - investment strategy - policy debate - financial advising Key Concepts capital gains tax avoidance wealth inequality Questions to Reflect On - Should taxes target unrealized wealth? - How does this affect wealth distribution? A Different Perspective Policy may change, making unrealized gains taxable. ★ ★ ★ ★ ★ No ratings yet [Because](https://sms4smile.com/quotes/about/because/) [Capital gains](https://sms4smile.com/quotes/about/capital-gains/) [Estates Taxed](https://sms4smile.com/quotes/about/estates-taxed-2339038/) [Large Estates](https://sms4smile.com/quotes/about/large-estates-2195088/) [Many](https://sms4smile.com/quotes/about/many/) [Never](https://sms4smile.com/quotes/about/never/) [Therefore](https://sms4smile.com/quotes/about/therefore/) [Unrealized Untaxed](https://sms4smile.com/quotes/about/unrealized-untaxed-2339036/) [Untaxed](https://sms4smile.com/quotes/about/untaxed-2339037/) [Untaxed Capital](https://sms4smile.com/quotes/about/untaxed-capital-2339035/) [Wealth](https://sms4smile.com/quotes/about/wealth/) ## Related quotes > [One's self-satisfaction is an untaxed kind of property which it is very unpleasant to find deprecated.](https://sms4smile.com/quotes/george-eliot/one-s-self-satisfaction-is-an-untaxed-kind-of-property-which-it-is/) [George Eliot](https://sms4smile.com/quotes/author/george-eliot/) > [“large estates sat on the rugged hillsides with spectacular”](https://sms4smile.com/quotes/barbara-freethy/large-estates-sat-on-the-rugged-hillsides-with-spectacular/) [Barbara Freethy](https://sms4smile.com/quotes/author/barbara-freethy/) > [It is wonderful to think how men of very large estates not only spend their yearly income, but are often actually in want of…](https://sms4smile.com/quotes/samuel-johnson/it-is-wonderful-to-think-how-men-of-very-large-estates-not-only-spend/) [Samuel Johnson](https://sms4smile.com/quotes/author/samuel-johnson/) > [Moreover, in Russia there was an enormous amount of landed property to be divided, large estates, crown lands, government land, and the estates held…](https://sms4smile.com/quotes/herman-gorter/moreover-in-russia-there-was-an-enormous-amount-of-landed-property-to/) [Herman Gorter](https://sms4smile.com/quotes/author/herman-gorter/) > [If no estate tax is imposed, capital gains taxes can be avoided indefinitely.](https://sms4smile.com/quotes/richard-thaler/if-no-estate-tax-is-imposed-capital-gains-taxes-can-be-avoided/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [Every time we've cut the capital gains tax, the economy has grown. Whenever we raise the capital gains tax, it's been damaged. It's one…](https://sms4smile.com/quotes/grover-norquist/every-time-we-ve-cut-the-capital-gains-tax-the-economy-has-grown/) [Grover Norquist](https://sms4smile.com/quotes/author/grover-norquist/) > [While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in…](https://sms4smile.com/quotes/william-j-bernstein/while-it-is-probably-a-poor-idea-to-own-actively-managed-funds-in/) [William J. Bernstein](https://sms4smile.com/quotes/author/william-j-bernstein/) > [I think that Governor Romney operates on the capital gains tax, his investments, what he lives off of instead of doing it off of…](https://sms4smile.com/quotes/allen-west/i-think-that-governor-romney-operates-on-the-capital-gains-tax-his/) [Allen West](https://sms4smile.com/quotes/author/allen-west/) > [I can make a firm pledge, under my plan, no family making less than $250,000 a year will see any form of tax increase.…](https://sms4smile.com/quotes/barack-obama/i-can-make-a-firm-pledge-under-my-plan-no-family-making-less-than-250/) [Barack Obama](https://sms4smile.com/quotes/author/barack-obama/) > [I have worked with investors for 60 years and I have yet to see anyone - not even when capital gains rates were 39.9…](https://sms4smile.com/quotes/warren-buffett/i-have-worked-with-investors-for-60-years-and-i-have-yet-to-see/) [Warren Buffett](https://sms4smile.com/quotes/author/warren-buffett/) > [The tax on capital gains in Canada is twice as high as in communist China and we wonder why our ideas are being held…](https://sms4smile.com/quotes/pierre-poilievre/the-tax-on-capital-gains-in-canada-is-twice-as-high-as-in-communist/) [Pierre Poilievre](https://sms4smile.com/quotes/author/pierre-poilievre/) > [There were no jobs created in America from 1945, when the war ended, through 2003. How could there be? Taxes were too high. Preposterously…](https://sms4smile.com/quotes/andrew-tobias/there-were-no-jobs-created-in-america-from-1945-when-the-war-ended/) [Andrew Tobias](https://sms4smile.com/quotes/author/andrew-tobias/) > [Imagine his delight after it 'leaked' that he will propose raising taxes on the wealthy by $320 billion over the next 10 years, including…](https://sms4smile.com/quotes/john-podhoretz/imagine-his-delight-after-it-leaked-that-he-will-propose-raising/) [John Podhoretz](https://sms4smile.com/quotes/author/john-podhoretz/) > [Democrats who see virtue in the estate tax are doing the equivalent of aborting future enterprises. They deprive businesses of oxygen with their support…](https://sms4smile.com/quotes/amity-shlaes/democrats-who-see-virtue-in-the-estate-tax-are-doing-the-equivalent/) [Amity Shlaes](https://sms4smile.com/quotes/author/amity-shlaes/) > [Nobody prefers to earn income any more, because that's taxable. Rich people prefer to make capital gains.](https://sms4smile.com/quotes/michael-hudson/nobody-prefers-to-earn-income-any-more-because-that-s-taxable-rich/) [Michael Hudson](https://sms4smile.com/quotes/author/michael-hudson/) ## More by Richard Thaler > [The Nobel Prize is going to be 'fun money' - for an occasion, when my wife and I want a $50 bottle of wine.](https://sms4smile.com/quotes/richard-thaler/the-nobel-prize-is-going-to-be-fun-money-for-an-occasion-when-my-wife/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [In some ways, the finding that financial education doesn't provide long-term payoffs is hardly surprising. After all, how much do you remember from your…](https://sms4smile.com/quotes/richard-thaler/in-some-ways-the-finding-that-financial-education-doesn-t-provide/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [Fortunately, economists open to new ways of thinking are finding novel ways to use supposedly irrelevant factors to make the world a better place.](https://sms4smile.com/quotes/richard-thaler/fortunately-economists-open-to-new-ways-of-thinking-are-finding-novel/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [If people just put away what's left at the end of the month, that's a recipe for failure.](https://sms4smile.com/quotes/richard-thaler/if-people-just-put-away-what-s-left-at-the-end-of-the-month-that-s-a/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed…](https://sms4smile.com/quotes/richard-thaler/the-lesson-of-my-field-behavioral-economics-is-that-we-need-to/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [I think behavioral economists don't have any more of an explanation about the rise of Trump than anyone else.](https://sms4smile.com/quotes/richard-thaler/i-think-behavioral-economists-don-t-have-any-more-of-an-explanation/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [There are cases when I can make myself better off by restricting my future choices and commit myself to a specific course of action.](https://sms4smile.com/quotes/richard-thaler/there-are-cases-when-i-can-make-myself-better-off-by-restricting-my/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [For amateur golfers, I think one of the biggest mistakes is to model their play on professionals.](https://sms4smile.com/quotes/richard-thaler/for-amateur-golfers-i-think-one-of-the-biggest-mistakes-is-to-model/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [he card companies will often, as a courtesy, honor that credit card, but hit you with a penalty. And you keep swiping your card…](https://sms4smile.com/quotes/richard-thaler/he-card-companies-will-often-as-a-courtesy-honor-that-credit-card-but/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [We all need a lot of humility, and especially about the economy.](https://sms4smile.com/quotes/richard-thaler/we-all-need-a-lot-of-humility-and-especially-about-the-economy/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [Social Security may be the most beloved of all the government's programs, partly because it requires so little thinking. You pay taxes while you…](https://sms4smile.com/quotes/richard-thaler/social-security-may-be-the-most-beloved-of-all-the-government-s/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [If you're trading individual securities, you're almost certainly making a mistake. Because most professional managers can't outperform their benchmarks, and there's little reason to…](https://sms4smile.com/quotes/richard-thaler/if-you-re-trading-individual-securities-you-re-almost-certainly/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [A nudge is some feature of the environment that changes the behaviour of humans but would not change the behaviour of rational economic agents,…](https://sms4smile.com/quotes/richard-thaler/a-nudge-is-some-feature-of-the-environment-that-changes-the-behaviour/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [One reason for high health care costs is that patients fail to follow their treatment regimen.](https://sms4smile.com/quotes/richard-thaler/one-reason-for-high-health-care-costs-is-that-patients-fail-to-follow/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) > [How can government reduce the frequency and the severity of future catastrophes? Companies that have the potential to create significant harm must be required…](https://sms4smile.com/quotes/richard-thaler/how-can-government-reduce-the-frequency-and-the-severity-of-future/) [Richard Thaler](https://sms4smile.com/quotes/author/richard-thaler/) [Explore all 141 Richard Thaler quotes ](https://sms4smile.com/quotes/author/richard-thaler/) ## More Because quotes > [One is a painter because one wants so-called freedom; one doesn't want to go to the office every morning.](https://sms4smile.com/quotes/marcel-duchamp/one-is-a-painter-because-one-wants-so-called-freedom-one-doesn-t-want/) [Marcel Duchamp](https://sms4smile.com/quotes/author/marcel-duchamp/) > [I gave my archive to Emory University because there's a really dear friend who teaches there, Rudolph Byrd, and he's the editor.](https://sms4smile.com/quotes/alice-walker/i-gave-my-archive-to-emory-university-because-there-s-a-really-dear/) [Alice Walker](https://sms4smile.com/quotes/author/alice-walker/) > [Because of the womb being a central phenomenon in the feminine body, the whole psychology of woman differs: she is non-aggressive, non-inquiring, non-questioning, non-doubting,…](https://sms4smile.com/quotes/rajneesh/because-of-the-womb-being-a-central-phenomenon-in-the-feminine-body/) [Rajneesh](https://sms4smile.com/quotes/author/rajneesh/) > [I love casting against type and doing things you wouldn't expect, because I think you get more interesting performances that way. Hollywood loves to…](https://sms4smile.com/quotes/david-s-goyer/i-love-casting-against-type-and-doing-things-you-wouldn-t-expect/) [David S. Goyer](https://sms4smile.com/quotes/author/david-s-goyer/) > [There were songs that we cut out after we chose the name, because 'Praise Break' turned out to be an underlying concept that I…](https://sms4smile.com/quotes/daniel-caesar/there-were-songs-that-we-cut-out-after-we-chose-the-name-because/) [Daniel Caesar](https://sms4smile.com/quotes/author/daniel-caesar/) > [It took me 20 years to buy an electric typewriter, because I was afraid it would be too sensitive. I like to bang the…](https://sms4smile.com/quotes/elmore-leonard/it-took-me-20-years-to-buy-an-electric-typewriter-because-i-was/) [Elmore Leonard](https://sms4smile.com/quotes/author/elmore-leonard/) > [I was also known as Frodo because I was an early adopter of 'The Lord of the Rings.](https://sms4smile.com/quotes/tom-perrotta/i-was-also-known-as-frodo-because-i-was-an-early-adopter-of-the-lord/) [Tom Perrotta](https://sms4smile.com/quotes/author/tom-perrotta/) > [I believe in taxation and health care that is outside the usual libertarian mandate, because I don't want people to have to suffer. It's…](https://sms4smile.com/quotes/neil-peart/i-believe-in-taxation-and-health-care-that-is-outside-the-usual/) [Neil Peart](https://sms4smile.com/quotes/author/neil-peart/) > [It's like saying French shouldn't be taught because you don't understand it because it's new. Shakespeare is just like learning a new, exciting language.](https://sms4smile.com/quotes/samuel-barnett/it-s-like-saying-french-shouldn-t-be-taught-because-you-don-t/) [Samuel Barnett](https://sms4smile.com/quotes/author/samuel-barnett/) > [Whether it was Little League or playing with your brothers or sisters, that was always a problem. If I would lose - because I…](https://sms4smile.com/quotes/cal-ripken-jr/whether-it-was-little-league-or-playing-with-your-brothers-or-sisters/) [Cal Ripken, Jr](https://sms4smile.com/quotes/author/cal-ripken-jr/) > [Sometimes, when full and in fear that I will continue to eat unwanted food just because it's staring at me, I will place my…](https://sms4smile.com/quotes/rachel-nichols/sometimes-when-full-and-in-fear-that-i-will-continue-to-eat-unwanted/) [Rachel Nichols](https://sms4smile.com/quotes/author/rachel-nichols/) > [I didn't want to do 'Fashion Police' because I thought, 'This is stupid, this is beneath me, who wants to talk about fashion?' It…](https://sms4smile.com/quotes/joan-rivers/i-didn-t-want-to-do-fashion-police-because-i-thought-this-is-stupid/) [Joan Rivers](https://sms4smile.com/quotes/author/joan-rivers/) > [I was contacted by Rajyavardhan Singh Rathore, MP, through the Pune Film Institute and offered the post in the NFDC. I accepted it for…](https://sms4smile.com/quotes/suresh-gopi/i-was-contacted-by-rajyavardhan-singh-rathore-mp-through-the-pune/) [Suresh Gopi](https://sms4smile.com/quotes/author/suresh-gopi/) > [I have always been a big meta guy because I think the way journalism is practiced in Washington, and the way everyone sort of…](https://sms4smile.com/quotes/mark-leibovich/i-have-always-been-a-big-meta-guy-because-i-think-the-way-journalism/) [Mark Leibovich](https://sms4smile.com/quotes/author/mark-leibovich/) > [There are a lot of kids out there copying and distributing movies - not because they care about seeing the movies or sharing them…](https://sms4smile.com/quotes/john-perry-barlow/there-are-a-lot-of-kids-out-there-copying-and-distributing-movies-not/) [John Perry Barlow](https://sms4smile.com/quotes/author/john-perry-barlow/) [Browse all 15,485 Because quotes ](https://sms4smile.com/quotes/about/because/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "The wealth in many large estates has never been taxed because it is largely in the form of unrealized - therefore untaxed - capital gains.", "creator": { "@type": "Person", "name": "Richard Thaler" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/richard-thaler/the-wealth-in-many-large-estates-has-never-been-taxed-because-it-is/", "about": { "@type": "Thing", "name": "Because" }, "@id": "https://sms4smile.com/quotes/richard-thaler/the-wealth-in-many-large-estates-has-never-been-taxed-because-it-is/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png", "contentUrl": "https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png", "url": "https://sms4smile.com/quotes/i/5b3/richard-thaler-3060_because_the-wealth-in-many-large-estates-has-nev_231112.png", "width": 1080, "height": 1080, "caption": "“The wealth in many large estates has never been taxed because it is largely in the form of unrealized…” — Richard Thaler", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Richard Thaler", "item": "https://sms4smile.com/quotes/author/richard-thaler/" }, { "@type": "ListItem", "position": 4, "name": "The wealth in many large estates...", "item": "https://sms4smile.com/quotes/richard-thaler/the-wealth-in-many-large-estates-has-never-been-taxed-because-it-is/" } ], "@id": "https://sms4smile.com/quotes/richard-thaler/the-wealth-in-many-large-estates-has-never-been-taxed-because-it-is/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```