Looking at my 2012 tax return: my taxable income last year was $x and the sum of my federal and state taxes (including all FICA, or in my case, "self-employment

Looking at my 2012 tax return: my taxable income last year was $x and the sum of my federal and state taxes (including all FICA, or in my case, "self-employment tax") was $0.39x. Including local taxes and fees it would definitely be 40%+. That's a bit of a cheat, though, since "taxable income" is the number you get after accounting for all the politically contrived deductions and exemptions. As a percentage of my total income it's more like 25%, and if I also don't include FICA (since that's just the government holding onto my money for me until I'm old, right?) it goes all the way down to 12%. That said, 25% is the reality, although it does feel like 40% sometimes.