Mayor proposes tax on wealthiest to fund City transportation system

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.)

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