Denis- do you understand the difference between ordinary income and qualified dividends (capital gains or losses)? Because until you get that, you will sound like every other idiot who thinks that Romney is a tax cheat. Ordinary income is taxed between 0-33%. Capital gains (losses) are taxed at 15% period. I have clients whose agi is 100k. Their effective tax rate is 25%. Why? Because 23k of their income was not taxed to begin with and they have no qualified investment earnings. Get it?