Mayor Bill de Blasio and Governor Andrew Cuomo of New York City wants to tax the wealthiest 1% to fund repairs and improvements to the subway system. There has been growing delays, mechanical failures, power outages, as well as derailments that the governor wants to fix by splitting the cost of the plan with the city, however, the mayor refuses to pay any money to support it.
De Blasio’s tax plan is aimed to generate almost $800 million annually to upgrade subways and buses. It would increase the top income tax rate from about 3.9% to 4.4% for married couples who would make more than $1 million and individuals making more than $500,000. This plan would affect about 32,000 of New Yorkers filing taxes in the city which would account to about less than 1%.
Funding to offer half price fare cards for low income riders is included as well. Already, the current five-year transit system capital plan covers maintenance for subways, the Long Island Rail Road, Metro North, and other parts of the transit system totaling to about $29 billion. The state pledged $8.3 billion and the city with $2.5 billion, on top of Cuomo’s additional $1 billion as well, but doesn’t include funds for immediate repairs.