Keep in mind that the article compares Fitzgerald's effective rate (5.5%) to the equivalent marginal bracket (40%) today. If you are in a higher tax bracket you

Keep in mind that the article compares Fitzgerald's effective rate (5.5%) to the equivalent marginal bracket (40%) today. If you are in a higher tax bracket you don't pay that rate on all of your income. I'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).