More. 20% (federal LTCG ) + 3.8% (medicare) + 12.3% (CA) + 1% (CA mental health surtax over $1mm/yr). 37.1% (more like 35% since you can deduct state on fede

More. 20% (federal LTCG ) + 3.8% (medicare) + 12.3% (CA) + 1% (CA mental health surtax over $1mm/yr). 37.1% (more like 35% since you can deduct state on federal). vs. 15% and no state tax if you lived in other states before recently. or, 0% up to $10mm gains if you held a stock for 5Y and bought it before 2012.