No, Short Term gain (less than 1 year hold) is taxed at your tax margin. That is, it goes on top of your regular yearly income. Long term, (over 1 year hold) is taxed at a flat 15% rate.
The reduced 15% tax rate capital gains, previously scheduled to expire in 2008, has been extended through 2010 as a result of the Tax Increase Prevention and Reconciliation Act signed into law by Bush in 2006. In 2011 these reduced tax rates will "sunset," or revert to the rates in effect before 2003, which were generally 20%.
So in this case it really doesn't really matter who the President is
"You can't be a real country unless you have a beer and an airline - it helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer". F Zappa
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