How much tobacco is used up in the nicotine extraction? Even if the percentage of nic in ejuice is low, and the nic juices are the only thing taxed, it is POSSIBLE that the powers that be could go after nic taxes based on the amount of tobacco used to produce it. Even then, if the tax is comparable to chew or snus, it wouldn't be that high. At one point in my smoking days, I used to roll my own with pipe tobacco, because of the number of flavors available. The tax for roll your own being 12 times as high as the tax on pipe tobacco, then even a tax rate comparable to pipe tobacco wouldn't be TOO bad.
The federal tax rates don't really paint a very accurate picture though, state taxes can be even higher than the federal taxes. The cost of cigarettes is about triple in a lot of states, due more to state taxes than federal taxes. Yet even state taxes don't impact chew, snuff, snus, pipe tobacco, roll-your-own, and cigars as much as they do cigarettes.
The federal tax on 20 cigs might only be just over a dollar, but the total tax effect on a pack of cigs is about 4 dollars when state taxes are included.
Here a can of chew costs about the same as it did 15 years ago. (from 3.00 to about 3.80 in 15 years) A pack of cigarettes is MORE than triple what it was 15 years ago. (from 1.88 a pack to about 6.80 a pack in 15 years time).