Yes, that's correct. If I did my math correctly, if you made $4 million, you'd end up with $2,052,391.57, which is an overall rate of 48.69%, for those that don't understand progressive tax rates.

For someone who's single/unmarried, $300k is under the peak brackets, which is above $578,125 for federal, and above $312,686 for California, so you'd only pay the progressive rate of 35% Federal and 9.3% California for a total of 44.3%. My math says you'd pay $101,790.74 in total, which makes for an effective tax rate of 33.93% on someone single making $300k/yr.

(Assuming I did my spreadsheet right. I'm not a CPA, and definitely not yours!)