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So basically the highest tax we would pay on capital gains is around 28.8%?

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Yes. 28.8% capital gains tax (25% base rate + 3.8% net investment tax) appears to be the highest proposed rate (for federal capital gains taxes), unless you have an adjusted growth income (AGI) of $5 million or more. If that is the case, then you add 3% more in taxes, for a total of 31.8%.

Of course, this does not include state taxes, which can be very high in places like New York and California.

The best thing about these tax rates being finalized soon, is that people can now have more certainty in their financial planning.