CA 9.3%, Federal 27.8% using 2/24/23 rate History

  Muni's almost never make sense for investors under the 35.8% marginal rate and for some reason VCTXX performs even worse for "low tax rate" investors. Here is is a telltale chart for the last year using your tax rates and assuming VUSXX is at 95% USGO, instead of 100% This chart shows relative returns for VMFXX, VMSXX, VCTXX vs. VSUXX over the past year.