Capital Gains Tax – The amount of tax charged on the earnings of an investment. Normally gains are classified as short-term (less than one) or long-term (more than one year) based on how long you had the investment. As of September 2009, Capital Gains Tax is charged at 15% by the federal government for long-term investments and at normal income tax rates for short-term investments. Some states charge an additional tax on Capital Gains.
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