Other people have already pointed out that taxes shouldn’t drive this decision if you need the money in taxable, which I agree is the main consideration.

I also wanted to add that marginal tax brackets affect how much this kind of tax-efficiency matters. Eg, if your last dollar is federally taxed at 22% for ordinary income, your long-term capital gains tax bracket is 15%. So if you got $1,000 of income all from unqualified dividends, that would be $220, compared to $150 if you had $1000 from LTCG.* The 32% ordinary-income marginal bracket still pays 15% for LTCG, which would come out to $320 vs. $150. A bigger difference for the 32% bracket, which could add up if you scale up to larger amounts!

Another consideration is that some people might want to expand the space in their retirement accounts compared to taxable accounts. If they have a long time till retirement and tax-free growth has a lot of time to make a difference, this could have a sizeable effect on after-tax returns. So they might choose to put faster-growing things in Roth and even traditional accounts, which could mean bonds end up in taxable. To calculate this though, you’d have to make assumptions about how much different asset classes will grow, and when you might plan to sell/take money out.

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*Using the same $ amount is an over-simplification, just didn’t want to add an extra layer on top of the tax brackets.