Mayor pushes for tax on the 1 percent to fund subway fix
NEW YORK | New York City’s mayor wants to tax the wealthiest 1 percent of city residents to fund repairs and improvements to the beleaguered subway system.
City officials say Democratic Mayor Bill de Blasio’s plan would increase the top income tax rate from about 3.9 percent to 4.4 percent for married couples who make more than $1 million and individuals making more than $500,000.
Mr. de Blasio plans to announce the proposal Monday. Officials say the tax would generate about $800 million annually. It must be approved by state lawmakers.
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.
Metropolitan Transportation Authority Chairman Joseph Lhota said Sunday the agency needs short-term emergency funding now.