Never used a tax accountant in my life. Please tell me where today we can get a “10% (for ease)” ROI with any kind of retirement risk level?
So, how about 5% or 25,000 per year after tax - still not bad.
By the way, in the absence of tax on interest / dividends / cap gains the effective yield on all investments goes up a bunch - hence the munis (historically).
One of the dirty secrets of tax deferred retirement accounts has been that bracket creep has been increasing your eventual marginal tax rate every year.