Tax-Efficient Investment Strategies for High-Net-Worth Individuals

Monica is a financial advisor working with high-net-worth individuals to manage their investment portfolios. One of her clients, Mr. Johnson, is concerned about the tax implications of his investment decisions. He primarily invests in U.S. equities and is also considering international equities. Monica is particularly focused on how the different investment options might impact Mr. Johnson's tax situation.

Given Mr. Johnson's current income level and tax bracket, he would like to understand which investment choices could help him minimize his tax liabilities over the long term. What should Monica advise Mr. Johnson regarding tax-efficient investment strategies?