I think you are referring to how short term capital gains are taxed, but I am referring to long-term gains (most investors stick with long-term gains to lower t

I think you are referring to how short term capital gains are taxed, but I am referring to long-term gains (most investors stick with long-term gains to lower their taxes). Long term gains are taxed at a flat rate. If you make N dollars in capital gains, you are taxed the same % on those N dollars. This % is determined by what tax bracket you are in, but is the same over all your gains. That was my original point: Under Obama's plan, people who enter the highest tax bracket will suddenly see all of their capital gains taxed at a higher rate.