De Blasio proposes tax on wealthiest New Yorkers to fund subway repairs

Bill de Blasio Will Push for Tax on Wealthy to Fix Subway

De Blasio To Announce Plan For Tax On Wealthiest 1 Percent To Fund Subway Fix

"That means fewer than 1 percent of New York City taxpayers", de Blasio said, adding, "For an individual making $1 million, that individual will pay about $2,700 more in taxes, about $7 a day".

The tax hike would bring in about $800 million a year.

New York Mayor Bill de Blasio.

Hizzoner's proposal, which will be formally announced on Monday, comes after weeks of fighting with Gov. Cuomo, who wants the city to pick up half the tab for an $836 million subway rescue plan.

Combined with a 2017 federal income tax rate of 39.6 percent, married couples in New York City with incomes in excess of $1 million already pay a combined income tax rate of 50.35 percent, with those over $2 million at almost 53 percent.

In a statement, Cuomo said the system is "in crisis" and requires immediate action.

"I was an invited guest and spoke at the mayor's event because I'm one of four appointees on the MTA board", Vanterpool said, explaining that she supported the mayor's proposal.

"The city should partner with us and match the state funding now so we can begin Chairman Lhota's overhaul plan immediately and move forward". He said in a statement Monday that the subways need money "right now, not years from now".

Hey, as de Blasio says, what's "a little extra" among millionaires?

"Revenue will help fix the system for everyone & cut fares for 800k low-income New Yorkers", Phillips posted about the plan.

Metropolitan Transportation Authority Chairman Joseph Lhota recently unveiled an emergency plan to stabilize the system.

De Blasio on Sunday unveiled an election-year pitch to raise $800 million a year for mass transit by soaking the rich with a almost 14 percent tax increase on high-income Big Apple residents. About 800,000 people in New York City who are at or below the federal poverty level - about $24,500 for a family of four - could qualify for half-price MetroCards, city officials said.

John Raskin, executive director of Riders Alliance, praised the proposed tax. In May the New York Times reported that delays in the subway system had risen to 70,000 per month from about 28,000 in 2012.

The mayor's embrace of half-price MetroCards for poor New Yorkers comes after months of lobbying from transit activists and could be a popular proposal as Mr.de Blasio runs for re-election in November.

However, the mayor's plan must be approved by the state legislature in Albany and upper chamber, the Senate, is controlled by Republicans who already released a statement saying they would not support de Blasio's tax hike plan. "There is no doubt that we need a long-term dedicated funding stream", he said.

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