Mayor Bill de Blasio has unveiled a tax proposal aimed at raising funds for New York City’s deteriorating subway and bus system. The proposed tax adjustment, which would be levied on fewer than 1% of the City’s wealthiest tax filers, would also allow the City to cut in half subway and bus fares paid by 800,000 low-income New Yorkers. The new tax would increase the City’s highest income tax rate by 0.534%, from 3.876% to 4.41%, on taxable incomes above $500,000 for individuals and above $1 million for couples. The tax is projected to raise $700 million in 2018, before rising to $820 million a year by 2022. Half-priced MetroCards for low-income New Yorkers would also be financed by an expected $250 million of the revenue raised by this tax. (Release Office of Mayor de Blasio, 08/07/2017.)
Mayor proposes tax on wealthiest to fund City transportation system
The Information contained in the Caroprese & Company (“Caroprese”) website is for general guidance on matters of interest only. The application and impact of laws can vary widely based on the specific facts involved. Given the changing nature of laws, rules and regulations, and the inherent hazards of electronic communication, there may be delays, omissions or inaccuracies in Information contained in the Caroprese website. Accordingly, the Information on the Caroprese website is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisors. Before making any decision or taking any action, you should consult a Caroprese professional.