Selling over fiscal cliff concerns "makes no sense" with MLPs
While MLP's are not qualified dividends, I presume they will be subject to the new 3.8% Obamacare tax and any other tax increases instituted January 1st. If so, ETP's selling pressure may still be modest because most people probably don't have a lot of gains to protect (only distribution income), unless they have been holding a very long time. A KMP investor may be in a different situation given that stocks rise in the past year or two.
The 3.8% Medicare tax will affect traders, more so than investors, since it's a transaction-based tax. If one buys and holds ETP primarily for the income (and, hopefully, some appreciation), it won't be an issue as long as one's adjusted cost basis is $0 or above.