News Worms
News Worms

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

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

"We need fairness. Something we don't have enough of", the mayor said. About $250 million would pay for half-priced transit cards for people who can't afford the full cost, about $121 per month.

But that doesn't include money for immediate repairs.

It would affect about 32,000 of New Yorkers filing taxes in the city, or just less than 1 percent, officials said. "That individual will pay about $2,700 more in their annual taxes", the mayor said.

"A millionaires' tax would require some New Yorkers to pay, but the status quo requires literally millions of New Yorkers to pay in the form of lost wages, missed work and days ruined by breakdowns and delays", Raskin said in a statement. New York's wealthiest "already carry a huge tax burden and are widely considered flight risks", she charged.

We've started collecting responses from the city's transit advocates. "We can not ask New Yorkers to wait one year to start repairs". Mr. Cuomo, a Democrat, controls the transportation authority, but he has called on Blasio to help fix the system. The tax is projected to raise $700 million in 2018, before rising to $820 million a year by 2022. "We can not ask New Yorkers to wait one year to start repairs", he said. "But there is also no doubt that we can not wait to address the current crisis". The majority leader's office did not respond to a request for comment from CNNMoney, but a spokesman for Senate Republicans batted down the idea to The New York Times.

The proposal comes as the mayor and Democratic Gov. Andrew Cuomo continue to squabble over who is responsible for paying for fixes to the nation's largest transit system.

Mayor Bill de Blasio is expected to propose a tax on wealthy New Yorkers to help foot the bill for subway repairs. 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. De Blasio reiterated his skepticism on Monday, while admitting that he hadn't been briefed on the policy for years. "I was briefed on it in 2013 and I have not looked at it since".

"You can't delay an emergency plan to stop delays", said Lhota in a statement on Monday, according to NY1.

De Blasio told reporters at the event that he hadn't actually consulted lawmakers about the hike - saying it would be would be a "grass roots" effort.

"There's no question we need a long-term funding stream, but emergency train repairs can't wait on what the State Legislature may or may not do next year", Mr. Lhota said in a statement. "The challenge for the governor is, if he doesn't like this proposal, what's his alternative?"


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