Premiums pocketed from expired options are considered short-term capital gain (never mind how long you hold the position), and that gain could be taxed at high rates.

FORBES: Magazine Article

If the stock sale is a qualifying transaction, then the employee will only report a short or long-term capital gain on the sale.

FORBES: Introduction To Incentive Stock Options

If stocks go nowhere, you make 2% a year owning futures, taxed as a capital gain (a blend of short- and long-term gains).

FORBES: Side Lines