Capital gains tax basics

• What is the capital gains tax? A tax on income from the sale of property, stocks, bonds and other investments.

• When was it created? In 1913, when Congress established the income tax.

• Who makes the most from capital gains?  About 90% of all capital gains income goes to richest 20% of Americans and about 70% goes to the richest 5%, according to the Congressional Research Service.

• What is the current rate? The maximum capital gains tax rate now is 15%, for those in the mid- to upper-income brackets. This is the lowest rate since World War II.