The tax implications of investing are surprisingly (infuriatingly) complex. Federal tax law optimizes for capital gains; WA state law apparently optimizes for income. Which would suggest that some sort of municipal bond fund is the only tax-free option for WA investors. Then on the Federal level you have tax loss harvesting as a way to cancel out capital gains.

Then on top of that you have the billionaires who simply get an equity line of credit on their portfolio and pay for day to day stuff with that (tax free) loan. Pay 3% on the loan, which is way less than the tax rate.