NYC’s towering tax burden

The city’s state and local taxes eat up $9.02 out of every $100 in household and business income, according to a report from the Independent Budget Office. The city’s tax burden is much higher than the eight other U.S. cities with populations that exceed 1 million; Philadelphia came in second at $7.16. Kathryn S. Wylde, president of the Partnership for New York City, said that the report showed the city was too reliant on high taxes for its government initiatives. Wylde said this would be extremely apparent if the real estate market stops thriving. more [NYT]