I’m not misunderstanding anything, but that’s a cool way to blaze into a convo lol. Most/borderline all of these plans kick in above income thresholds, ie you dip down below 50M and you’re not paying the tax. So that’s one way you’re not getting 45%. The other way is that asset growth will play a huge role in how this tax effects you. The only way to get the 45% number is to say your assets didnt grow in 60 years, which is not realistic. In fact if your assets are growing even around average rates over 60 years you could pay in huge excess of the original principal, while also making a killing.