Interesting point, although income taxes including health insurance where I live can be as low as 12%.

If you mean more than $2000 than that's correct, of course, although I am not sure weather it is relevant.

I imagine it varies depending on state and profession, but what's the average in the US? do you reckon it offsets the possibility that slicing yourself up while riding a bike could put you in serious money trouble?

I doubt it :)