In this special issue of City Journal, E. J. McMahon discusses the problems of the burdensome tax system in New York. He sums it up nicely with this:
No city in America can match New York’s broad array of taxes—more typical of a state than of a municipal government. Most New York City residents and businesses are subject to combined state and local tax rates far exceeding national norms. Such high taxes are a headwind against economic growth: they add to overhead, cut into profits, and make it costlier to employ people.