NYC Mayor Proposes Tax Increase to Fund Subway Repairs

By:
Chris Gaetano
Published Date:
Aug 8, 2017
By Taken by Shmuel Spiegelman using a Canon 10D. - Own work, CC BY-SA 1.0

NYC Mayor Bill de Blasio said that the city could raise taxes on the rich in order to fund repairs and improvements to the ailing public transit system, according to CNN Money. The income tax increase would affect individuals making more than $500,000 a year and couples making more than $1 million a year, roughly 32,000 people or 1 percent of city tax filers, said CNN. The increase would be a half a percentage point, growing to 4.41 percent, which he said would raise $700 million next year and more than $820 million per year by 2022. Of this, $500 million would go toward signal improvement, new cars and track work, and $250 million would go towards subsidizing MetroCards for people who can't afford the full $121 monthly cost.

Such a tax increase would need to pass the state legislature. While the Assembly is controlled by Democrats, the Senate is under control of Republicans, who CNN said will not support the idea. MTA Chair Joseph Lhota, meanwhile, called instead for the city and state to split the bill for an $800 million rescue package. He said a tax increase would take too much time for the money to roll in. 

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