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Get your taxes done using TurboTax
No, your formula has nothing to do with "Tax expense" on the Tax History Report. "Effective tax rate" and "Taxable income" have nothing to do with "Tax expense." The reason you don't come up with the right number by using your formula is that your formula uses figures that have nothing to do with "Tax expense."
"Tax expense" is not the amount of federal tax that you pay. It's not federal income tax at all. It's the amount of taxes that you deducted on Schedule A if you claimed itemized deductions. It's straight from line 7 of Schedule A. The taxes that are deducted on Schedule A are not federal income tax. They are primarily state and local income tax or sales tax, real estate tax, personal property tax, and possibly certain foreign taxes.
If you want to know how the number is arrived at, look at the "Taxes You Paid" section of Schedule A. It's lines 5 through 7. You might also want to look at the IRS instructions for Schedule A for more detail on what's included in lines 5a through 5e and line 6.
If you took the standard deduction instead of itemized deductions, Schedule A is not included in your tax return, so "Tax expense" is essentially meaningless.