(FORTUNE Magazine) – Whichever way the House of Representatives goes on Election Day, there's probably no happy ending for any taxpayer the politicians deem to be wealthy. And let's face it, if you're doing okay these days, that group probably includes you. If the Democrats regain control, they'll view you as a revenue source; if the Republicans hang on to power, they'll be caught between trying to defend your money and their new populist image.

But as the table shows, there's some silver in them thar Capitol Hill clouds. For one thing, no matter who wins, you'll probably get a better tax break on capital gains on the sale of your home. Both parties are pushing for this, as a clear appeal to middle-class homeowners (and voters). The cuts will be a real boon to anyone who is sitting on an enormous profit. "We're telling high-net-worth clients who don't want to buy again, or plan to buy less expensive property, to hold off on selling," says Mark Watson, director of personal financial planning at KPMG Peat Marwick.

Capital gains tax on investment profits is a thornier issue. Candidate Bob Dole wants to slash the top rate to 14%, half the current rate. Even if he falls by the wayside, the GOP will still fight for a cut, though perhaps a smaller one. The Democrats have no counterproposal but say that they're open to suggestions. "My gut feeling is that Clinton is more supportive of capital gains relief than congressional Democrats," says Pamela Pecarich, director of tax policy at Coopers & Lybrand. "But if the Republicans offer a cut that's paid for and it's one that helps job growth, it might happen." Bottom line: If you're not in a hurry to sell your stock, wait to see whether the tax rate falls.

While the GOP takes scissors to your capital gains tax rate, the Democrats will likely be working to close loopholes they failed to plug last year. One regulation they're proposing affects the way you calculate gains when you sell a bunch of a particular stock you bought over time at different prices. At present, you can control your tax exposure because the IRS lets you say which particular shares you're selling, and you'll obviously pick the priciest. Under the Democrats' proposal, your profit will be measured on what you paid for the first shares you bought. If Congress does close this tax break, you can partially dodge the problem by unloading your low-cost stock through an exchange fund, which lets you trade (not sell) your shares for shares in a pooled fund of other people's low-cost stock. At least it lets you avoid taxes while gaining diversification. Several institutions offer exchange funds, including Donaldson Lufkin & Jenrette.

Intense partisan negotiations will revolve around income tax and Medicare. "Right now, both parties want to be the helpers of the middle class," warns Clint Stretch, director of tax legislative affairs at Deloitte & Touche. One revenue raiser that takes direct aim at high-income citizens could actually come from the GOP. The party wants to link your share of Medicare premiums to your income. At present, everyone pays the same $42.50 monthly insurance premium to cover doctor visits, equal to 25% of the total cost of providing this coverage. (Hospitalization is covered separately via a payroll tax, and nobody's nibbling on that.)

The GOP tried to stagger these rates in the 1996 budget, proposing that couples with incomes of $125,000 should start paying more. Couples with $175,000 a year would pay 100% of the cost, equal to $170 a month today. Ernst & Young's Richard Grafmeyer, a former deputy chief of staff for the Senate Finance Committee, predicts a similar push this time around. If it happens, it's just one more reason to lower your taxable income as much as possible.