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In the US, short term capital gains are taxed as ordinary income (i.e. up to 35%, depending on your tax bracked, just like your salary would be taxed). As of 2003, long term capital gains are taxed at 15%, and most dividends are taxed at 15% (there are several factors with dividends). Capital gains are the profit you make when you sell a stock, short term gains are when you sell stocks within a year of purchasing them, and long term gains are for stocks you sell after more than a year of holding them.
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