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> The 20% applies only to LONG term capital gains. Short term capital
> gains are taxed at your regular tax rate.
OK. And futures profits are 60% long-term, 40% short-term, right?
So if we assume 5% of the 37% is state tax, and 32% is federal, I'd
have to have a 50% marginal tax rate to net out to 32%. (60%*20% +
40%*50% = 32%.) Still doesn't seem quite right.
Gary
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