I think this could be an important part of the balance for some player, especially new ones. I know I didn't even touch taxes for quite a few games, and then only for a few turns to get what I wanted. Malsqueek mentions that he needs it to compete with the AI in the beginning, I realized I do the same thing, but I never thought of it as cheese. I don't think the problem is the strategy, to me it makes sense.
You wouldn't start taxing the first members of your civilization building their own huts and harvesting their own resources for...well essentially the right to work for themselves. No, but when you start conscripting and start establishing services that everyone benefits from they need to help with the upkeep. So "no taxes, all building" I think is a perfectly understandable strategy...at least this is how it makes sense to me.
The problem: As I see it, the implementation might be wrong, or maybe it's fine. There are two abilities I think (if I remember) that would benefit from taxing the crap out of their citizens instead of building. Being able to hire heroes at 1/2 cost and being able to quick-build from day 0. Now I might be remembering wrong (I'll check when I'm home) but that's not the point...there might be abilities on the future that could tip the scales in usefulness of a high tax in the beginning (mods or changes in the original game). If you can't make use of the cash, which by default I assume most civilizations cannot, then I think 0 tax in the beginning is not in any way a cheese strategy.
BUT, I think new players will miss this and it may cause frustration. Other games don't typically let you get right in and tax or not tax. There is a progression into establishing control of your economy and production. So a new player can look at the future and say I need more cash or I need more research and plan accordingly (for better or worse). The thing is I'm betting the tax selection is a very strong tool that is overlooked and quite frankly not understood. Now a complete understanding isn't necessary, but I do think something is missing from it's presentation in some way to help. I think one reason it can be though of as cheese is that it starts at 'normal' so the idea is 'normal' is what it should be at in the beginning and most of the game. I think starting it at zero would remove this preconception...but then there would be the problem of new players getting severely held back when they aren't sure when a good time to normalize is.
To me, it's not a big deal. I've played enough maps that I have an idea of my strategy, but for a newer player I think the tax bar needs to be addressed. I just not sure how. Plus who knows what the future of cities will bring...so it may be a moot point in the future.
Looking for other's ideas on if there is some cheese here, or if not how newbs can get a better handle on it. (I still get confused on the arrow tooltips)