26.8% for 60/40 at 37%/20% max Fed rates, plus 3.8% Obamacare + 13.3% max CA = 43.9%, ignoring any state tax deduction at the margins under the new tax law. Top CA rates kick in around $1M. Remember most of these are marginal rates, so you’ll lose nearly half the $1Mth dollar, but the earlier ones will be cheaper.
