The lower 20% (Didn't it recently go up to 29%?) rate is only applicable if you have held the asset for 2 years. If you buy and sell short term, as I have, then short-term capital gains applies.
Did they also extend the time? It used to be 1 year and 1 day to qualify for long term capital gains treatment. Or 2 years from the date of the grant of incentive stock options.
Capital gains varies a little depending on the asset (currencies, precious metals, real estate, etc have special rules), but generally it's 15% for long-term capital gains (1 year, not 2 years) and your regular income tax rate for short term capital gains.
It was recently raised to 20% for people in the highest income tax bracket. AMT of 28% may be used instead in certain circumstances.
