More.  20% (federal LTCG ) + 3.8% (medicare) + 12.3% (CA) + 1% (CA mental health surtax over $1mm&#x2F;yr).  37.1%  (more like 35% since you can deduct state on federal).<p>vs. 15% and no state tax if you lived in other states before recently.  or, 0% up to $10mm gains if you held a stock for 5Y and bought it before 2012.