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

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

Mayor Bill de Blasio is expected Monday to propose a tax on wealthy city residents on that would help foot the bill for much-needed subway improvements, according to reports.

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 Blasio runs for re-election in November.

Mayor de Blasio's statement is a step in the right direction.

"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". The new funding would also be separate from the authority's short-term subway rescue plan, which city officials said should be paid for by returning money to the authority that the state had previously diverted.

This latest tax hike would also require Albany's approval.

If the legislation is approved, the "modest increase" in state income tax would affect New Yorkers who make $500,000 or more annually. "There is no doubt that we need a long-term dedicated funding stream", he said.

But what about advocates who have long advocated for lower-priced metrocards for the city's low income residents?

Lhota had proposed an $800 million plan for immediate subway repairs and suggested that Gov. Andrew Cuomo and de Blasio to split the costs evenly between the state and city budgets.

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

A request for a $500, million increase in 2014 to fund citywide pre-K programs was never seriously taken up, with Cuomo instead directing state funds to the program. That would cover about 32,000 people, roughly 1% of city tax filers.

"If the city wants to up its contribution to help shore up the subways for commuters and their families - which we support - it certainly has the means to do that", Mr. Reif said in a statement.

Governor Cuomo said that the State would pay for half of those repairs and called for the City of NY to shoulder the remaining costs (much to Mayor Bill de Blasio's chagrin).

The MTA is now asking the city to kick in $228 million to fund emergency repairs to the system to stop the frequent meltdowns that have plagued commuters this summer, but de Blasio doubled down on his previous claims the the state already has plenty to pay for it and it is not the city's responsibility.

John Raskin, executive director of the Riders Alliance, was more receptive. The highest marginal income tax rate would rise about half a percentage point to 4.41%.