Drastic difference between short (holding < 1 year) and long term (> 1 year) capital gains tax rate is a wallop to wallets. Including stealth O'care surtax (3.8%), top two rates for long term gains are either 18.8% or 23.8% vs. 38.8% or 43.8% -- depending on income. That 40% bite really stings, considering how DC wastes trillions of our dollars. I didn't like Bush either,  but cap gains tax rate then on holdings kept for a year and a day was either 5% or 15%  --  depending on income.