Sterling is the sole shareholder of Archer Enterprises, Inc. Archer Enterprises reported a taxable income of $2,000,000 in 2019 and has a marginal tax rate of 21%. Archer distributes all after-tax income as a dividend to Sterling, who has a marginal tax rate of 37%, and a preferential tax rate including net investment tax of 23.8%. What is the total tax rate applied to this income?