Orange life vest, I believe it was an action figure's accessory at some point. I wasn't able to figure out what it went to, the only clues are printed on the front; the "AJ" logo and the "Air Vest U.S.A.F" stamp.

EDIT: I love the internet. Within moments, nowhere informs us that the vest came from an Action Jackson doll. And sure enough, with a little searching, I found one here:

Found in "Bats In The Dark" by John Kaufmann. Published by Crowell, 1972.

Oh, and I'm sure I'm not the only one who thinks of this Back To The Future clip every time they see an orange vest:

-Click to enlarge photos-