New York Mayor Blasio proposes tax measure to modernize subways, transit

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Mayor de Blasio's funding proposal would tax New York's wealthiest citizens in an effort to repair the city's aging subway and transit systems.
The Official Website of the City of New York
NEW YORK — New York City Mayor Bill de Blasio is unveiling a tax proposal that would raise as much as $800 million annually for New York City’s aging subway system. The proposed tax measure, which is directed at the city’s wealthiest tax filers, would allow the city to reduce subway fares paid by low-income New Yorkers.

According to a news release issued by the mayor’s office, the new tax would increase the city’s highest income tax rate by 0.534 percent, from 3.876 percent to 4.41 percent, on taxable incomes exceeding $500,000 for individuals and above $1 million for couples.

The tax would be paid by an estimated 32,000 New York City tax filers, or about 0.8 percent of the city’s total filers. The tax is estimated to generate $700 million in 2018 before climbing to $820 million annually by 2022.

The investment would add to an annual $1.6-billion in support for the New York City subway and bus systems, while also adding to a $2.5-billion commitment in 2015 to the long-term needs of the city’s Metropolitan Transportation Authority.

The tax money would be used for capital projects that address core issues, such as signal improvements, new railcars, and track maintenance.

Mayor de Blasio’s plan would also include half-priced MetroCards for low-income New Yorkers, funded by an expected $250 million of the proposed tax. The city expects as many as 800,000 New Yorkers would be eligible for the program.

See the news release online.

NEWSWIRETrains News Wire

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