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Your logic is reversed.
Generally, you want to hold long term growth stock/mutual funds/ETFs in a taxable account, as they generate little income each year and sales when you rebalance are taxed as capital gains, not ordinary income. Conversely, income producing stocks/MFs/ETFs are taxed as ordinary income each year, and so are better, for tax purposes, to be held in tax deferred accounts.

And taxable income is subject to income tax at the Federal and possibly state levels. I assume you mean $34,000 of gross (not taxable) income. I know this is a bit picky...but 'taxable income' is the amount of gross income you have AFTER deductions, on line 43 of your form 1040. But even so, unless you have a pile of deductions on your schedule'll owe Federal tax on a gross income of $34,000 filing single.

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