http://www.irs.gov/taxtopics/tc409.html Capital gains and deductible capital losses are reported on Form 1040, Schedule D (PDF). If you have a net capital gain, that gain may be taxed at a lower tax rate than the ordinary income tax rates. The term "net capital gain" means the amount by which your net long-term capital gain for the year is more than the sum of your net short-term capital loss and any long-term capital loss carried over from the previous year. Currently net capital gain is generally taxed at rates no higher than 15%, although, for 2008 through 2010, some or all net capital gain may be taxed at 0%, if it would otherwise be taxed at lower rates.
Last I heard (and this stuff changes depending on the weasels are running the capitcal), Long Term is taxes up to 15%. Short term is taxed as oridinary income. So if you are in 28% bracket, short term gaines are taxed at 28%. Ah the fun with taxes
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