[markbot]

I consider the top income tax rate to be quite high for NYC residents.

35% federal
+12.4% social security
+2.9% medicare
+8.97% (NY state)
+3.68% (NY City)
=63%

For social security and medicare, only half the amount I list is deducted from a paycheck, but the employer has to match it. If the employer didn't match it then it could have used those funds to pay you directly.

This doesn't even include sales tax, property tax, gas tax, bottled water tax, special taxes on your utility and telephone bill etc. There is also the 45% estate tax (death tax) for those unlucky (lucky) enough to be worth several million.