Your math is wrong, even though it feels correct. The only difference is tax rate, because you're multiplying by taxes and order doesn't matter. You pay less ta

Your math is wrong, even though it feels correct. The only difference is tax rate, because you're multiplying by taxes and order doesn't matter. You pay less tax initially but have lower growth. Assuming 1%/year, (Taxes * principal) * 1.01^n, or Taxes * (principal * 1.01^n)