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[[Question: Is Short term capital gains taxed at a max of 28%? ]]

Nope...short term capital gains will be taxed at your ordinary tax low as 15% or as high as 39.6%...depending upon your other income.

[[As an example: If
adjusted gross income is $300,000 consisting of $12,000 Interest/Div. Income
$30,000 pension income and $252,000 Short Term gain on stock (with no
earned income)...Is my marginal tax rate the 39% because of this short term cap
gain or is my marginal tax rate 20%.]]

Your AGI doesn't determine your tax rate. But if you are a single person with only the standard deduction to claim, you can pretty much be assured that you'll be in the 39.6% bracket.

[[ In other words will I have one tax rate for
the $42,000 income and another tax rate for the $252,000 Cap Gain?]]'ll all be lumped on top of another and it'll just push you up in the brackets.

You can read more about capital gains tax rates in the Taxes FAQ area.

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