Keep in mind that the article compares Fitzgerald&#x27;s effective rate (5.5%) to the equivalent marginal bracket (40%) today. If you are in a higher tax bracket you don&#x27;t pay that rate on <i>all</i> of your income. I&#x27;m not too familiar with US federal and state taxes and other deductions, but I would bet the effective rate for someone in the 40% bracket is closer to 30% (similarly to Canada and the UK).