A corporation has a taxable income of $7,217,154. At this income level, the federal income rate is 50%, the state tax rate is 22%, and the local tax rate is 11%. If each tax rate is applied to the the total taxable income, the resulting tax liability for the corporation would be (50 + 22 + 11)%. Luckily for the corporation, the taxes paid are deducted as described above. What is the tax liability (as a percentage of taxable income) if the customary deductions are taken into consideration?