Good points! You probably realize this, but in case others don't, assuming a 12.3% tax rate may overstate things even more than just being "conservative". Onl

Good points! You probably realize this, but in case others don't, assuming a 12.3% tax rate may overstate things even more than just being "conservative". Only the portion of income greater than ~$700K is charged at this rate, with everything less than that being charged at lower marginal rates: https://www.nerdwallet.com/article/taxes/california-state-tax https://www.nerdwallet.com/article/taxes/california-state-ta.... Someone who earns less than $350K (and the first $350K for everyone) is at a maximum marginal rate of 9.3%. This makes your conclusion even stronger---the article seems misleading.