On top of that there will be (for high-bracket savers) a 3.8% investment tax surcharge plus a clawback of deductions that effectively adds 1.2 percentage points to the stated tax rate.

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And don't forget that the ObamaCare investment income tax surcharge of 3.8% also begins in 2013, so stock owners are going to be happy to hear that the new dividend tax rate could be 48% in the name of tax fairness.

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The expiration of the Bush tax cuts and the beginning of a 3.8% surcharge on investment income are combining to deliver a nasty punch to people who sell assets at a gain.

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