Forex Taxes -- In The USA

how does the taxing work & how much percent do they take out etc.
Pleasee & Thanks

http://www.forexfactory.com/showthread.php?t=1837

thank you

The Advantage of Section 1256 for Currency Traders

Under Section 1256, forex traders can have a significant advantage over stock traders. By reporting capital gains on IRS Form 6781 (Gains and Losses from Section 1256 Contracts and Straddles), forex traders are allowed to split their capital gains on Schedule D using a 60% / 40% split. This means that 60% of the capital gains are taxed at the lower, long-term capital gains rate (currently 15%) and the remaining 40% at the ordinary or short-term capital gains rate, which depends on the tax bracket the trader falls under (as high as 35%). This results in an average rate of 23%, which is 12% less than the regular (short-term) rate.

disegnosys