Taxes on long-term capital gains are scheduled to increase on January 1, 2013 whether the Bush tax cuts are extended or not. Today the marginal tax rate on long-term capital gains is 15%. If the Bush tax cuts are extended the new rate will be 18.8%, an increase of 3.8%. If the Bush tax cuts are not extended then the regular capital gains tax rate will rise to 20%. We are seeing, in the Nantucket real estate market, some impact of this with closings being scheduled for the end of 2012 rather than in 2013.