diff --git a/test/functional/abc-p2p-compactblocks.py b/test/functional/abc-p2p-compactblocks.py
--- a/test/functional/abc-p2p-compactblocks.py
+++ b/test/functional/abc-p2p-compactblocks.py
@@ -61,7 +61,7 @@
             self.last_cmpctblock = None
 
 
-@extended
+@tags('slow')
 class FullBlockTest(ComparisonTestFramework):
 
     # Can either run this test as 1 node with expected answers, or two and compare them.
diff --git a/test/functional/abc-p2p-fullblocktest.py b/test/functional/abc-p2p-fullblocktest.py
--- a/test/functional/abc-p2p-fullblocktest.py
+++ b/test/functional/abc-p2p-fullblocktest.py
@@ -33,7 +33,7 @@
         self.n = n  # the output we're spending
 
 
-@extended
+@tags('slow')
 class FullBlockTest(ComparisonTestFramework):
 
     # Can either run this test as 1 node with expected answers, or two and compare them.
diff --git a/test/functional/dbcrash.py b/test/functional/dbcrash.py
--- a/test/functional/dbcrash.py
+++ b/test/functional/dbcrash.py
@@ -45,7 +45,7 @@
     pass
 
 
-@extended
+@tags('slow')
 class ChainstateWriteCrashTest(BitcoinTestFramework):
     def set_test_params(self):
         self.num_nodes = 4
diff --git a/test/functional/getblocktemplate_longpoll.py b/test/functional/getblocktemplate_longpoll.py
--- a/test/functional/getblocktemplate_longpoll.py
+++ b/test/functional/getblocktemplate_longpoll.py
@@ -26,7 +26,7 @@
         self.node.getblocktemplate({'longpollid': self.longpollid})
 
 
-@extended
+@tags('slow')
 class GetBlockTemplateLPTest(BitcoinTestFramework):
     def set_test_params(self):
         self.num_nodes = 2
diff --git a/test/functional/p2p-fullblocktest.py b/test/functional/p2p-fullblocktest.py
--- a/test/functional/p2p-fullblocktest.py
+++ b/test/functional/p2p-fullblocktest.py
@@ -57,7 +57,7 @@
         return r
 
 
-@extended
+@tags('slow')
 class FullBlockTest(ComparisonTestFramework):
     # Can either run this test as 1 node with expected answers, or two and compare them.
     # Change the "outcome" variable from each TestInstance object to only do the comparison.
diff --git a/test/functional/p2p-timeouts.py b/test/functional/p2p-timeouts.py
--- a/test/functional/p2p-timeouts.py
+++ b/test/functional/p2p-timeouts.py
@@ -35,7 +35,7 @@
         pass
 
 
-@extended
+@tags('slow')
 class TimeoutsTest(BitcoinTestFramework):
     def set_test_params(self):
         self.setup_clean_chain = True
diff --git a/test/functional/pruning.py b/test/functional/pruning.py
--- a/test/functional/pruning.py
+++ b/test/functional/pruning.py
@@ -31,7 +31,7 @@
     return sum(os.path.getsize(blockdir + f) for f in os.listdir(blockdir) if os.path.isfile(blockdir + f)) / (1024. * 1024.)
 
 
-@extended
+@tags('slow')
 class PruneTest(BitcoinTestFramework):
     def set_test_params(self):
         self.setup_clean_chain = True
diff --git a/test/functional/test_framework/decorators.py b/test/functional/test_framework/decorators.py
--- a/test/functional/test_framework/decorators.py
+++ b/test/functional/test_framework/decorators.py
@@ -8,6 +8,8 @@
 """
 
 
-def extended(cls):
-    cls.extended = True
-    return cls
+def tags(*tags):
+    def decorater(cls):
+        cls.test_tags = tags
+        return cls
+    return decorater
diff --git a/test/functional/test_runner.py b/test/functional/test_runner.py
--- a/test/functional/test_runner.py
+++ b/test/functional/test_runner.py
@@ -103,9 +103,9 @@
         self.test_num = test_num
         self.flags = flags
 
-    def run(self, portseed_offset, run_extended):
+    def run(self, portseed_offset, run_tags):
         t = self.test_case
-        portseed = self.test_num * 10 + portseed_offset
+        portseed = self.test_num * 1000 + portseed_offset
         portseed_arg = ["--portseed={}".format(portseed)]
         test_argv = t.split()
         tmpdir = [os.path.join("--tmpdir=%s", "%s_%s") %
@@ -139,8 +139,13 @@
                 obj = getattr(test_module, prop)
                 if inspect.isclass(obj) and issubclass(obj, BitcoinTestFramework) and obj is not BitcoinTestFramework and obj is not ComparisonTestFramework:
                     test_instance = obj()
-                    is_extended = hasattr(test_instance, 'extended')
-                    if (is_extended and run_extended) or not is_extended:
+
+                    # Give every test the fast tag by default unless otherwise specified
+                    tags = ["fast"]
+                    if hasattr(test_instance, 'test_tags'):
+                        tags = test_instance.test_tags
+
+                    if compare_tags(tags, run_tags):
                         exit_code = obj().main(
                             test_argv[1:] + self.flags + portseed_arg + tmpdir)
                     else:
@@ -214,9 +219,14 @@
                         default=tempfile.gettempdir(), help="Root directory for datadirs")
     parser.add_argument('--junitouput', '-ju',
                         default=os.path.join(build_dir, 'junit_results.xml'), help="file that will store JUnit formated test results.")
+    parser.add_argument(
+        '--tags', nargs='+', default=[".*", "!slow"], help="List of tags to be run. Use '!' to negate")
 
     args, unknown_args = parser.parse_known_args()
 
+    if args.extended:
+        args.tags.extend('slow')
+
     # Create a set to store arguments and create the passon string
     tests = set(arg for arg in unknown_args if arg[:2] != "--")
     passon_args = [arg for arg in unknown_args if arg[:2] == "--"]
@@ -260,14 +270,10 @@
         # extension.
         test_list = [t for t in all_scripts if
                      (t in tests or re.sub(".py$", "", t) in tests)]
-        cutoff = sys.maxsize  # do not cut off explicitly specified tests
     else:
         # No individual tests have been specified.
         # Run all tests that do not exceed
         test_list = all_scripts
-        cutoff = args.cutoff
-        if args.extended:
-            cutoff = sys.maxsize
 
     # Remove the test cases that the user has explicitly asked to exclude.
     if args.exclude:
@@ -296,10 +302,10 @@
                                    "cache"), ignore_errors=True)
 
     run_tests(test_list, build_dir, tests_dir, args.junitouput,
-              config["environment"]["EXEEXT"], tmpdir, args.jobs, args.coverage, passon_args, args.extended)
+              config["environment"]["EXEEXT"], tmpdir, args.jobs, args.coverage, passon_args, args.tags)
 
 
-def run_tests(test_list, build_dir, tests_dir, junitouput, exeext, tmpdir, num_jobs, enable_coverage=False, args=[], run_extended=False):
+def run_tests(test_list, build_dir, tests_dir, junitouput, exeext, tmpdir, num_jobs, enable_coverage=False, args=[], tags=[]):
     # Warn if bitcoind is already running (unix only)
     try:
         pidofOutput = subprocess.check_output(["pidof", "bitcoind"])
@@ -340,7 +346,7 @@
     # Run Tests
     time0 = time.time()
     test_results = execute_test_processes(
-        num_jobs, test_list, tests_dir, tmpdir, flags, run_extended)
+        num_jobs, test_list, tests_dir, tmpdir, flags, tags)
     runtime = int(time.time() - time0)
 
     max_len_name = len(max(test_list, key=len))
@@ -426,7 +432,7 @@
                 printed_status = True
 
 
-def handle_test_cases(job_queue, update_queue, run_extended):
+def handle_test_cases(job_queue, update_queue, tags):
     """
     job_runner represents a single thread that is part of a worker pool.
     It waits for a test, then executes that test. It also reports start
@@ -444,12 +450,31 @@
         # Signal that the test is starting to inform the poor waiting
         # programmer
         update_queue.put(test)
-        result = test.run(portseed_offset, run_extended)
+        result = test.run(portseed_offset, tags)
         update_queue.put(result)
         job_queue.task_done()
 
 
-def execute_test_processes(num_jobs, test_list, tests_dir, tmpdir, flags, run_extended):
+def compare_tags(test_tags, run_tags):
+    """
+    Compare two sets of tags.  Tags are evaludated in order, so if an 
+    include is specified after an exclusion, then we will still run the test.
+    """
+    run_test = False
+    for tag in run_tags:
+        run = True
+        if tag.startswith('!'):
+            run = False
+            tag = tag[1:]
+
+        for test_tag in test_tags:
+            if re.match(tag, test_tag):
+                run_test = run
+
+    return run_test
+
+
+def execute_test_processes(num_jobs, test_list, tests_dir, tmpdir, flags, tags):
     ctx = mp.get_context('spawn')
     update_queue = ctx.JoinableQueue()
     job_queue = ctx.JoinableQueue()
@@ -466,7 +491,7 @@
     # Start some worker threads
     for j in range(num_jobs):
         t = ctx.Process(target=handle_test_cases,
-                        args=(job_queue, update_queue, run_extended,))
+                        args=(job_queue, update_queue, tags,))
         t.start()
 
     # Push all our test cases into the job queue.
diff --git a/test/functional/wallet_hd.py b/test/functional/wallet_hd.py
--- a/test/functional/wallet_hd.py
+++ b/test/functional/wallet_hd.py
@@ -14,7 +14,7 @@
 import os
 
 
-@extended
+@tags('slow')
 class WalletHDTest(BitcoinTestFramework):
     def set_test_params(self):
         self.setup_clean_chain = True
diff --git a/test/functional/walletbackup.py b/test/functional/walletbackup.py
--- a/test/functional/walletbackup.py
+++ b/test/functional/walletbackup.py
@@ -38,7 +38,7 @@
 from test_framework.util import *
 
 
-@extended
+@tags('slow')
 class WalletBackupTest(BitcoinTestFramework):
     def set_test_params(self):
         self.num_nodes = 4