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De Blasio Proposes Tax on Wealthy to Fix New York City’s Crumbling Subways

  • Mayor’s idea received immediate rejection from MTA’s chairman
  • Previous wealth-tax proposals by Democratic mayor have failed
New York City Mayor Bill De Blasio speaks on March 27, 2017.

New York City Mayor Bill De Blasio speaks on March 27, 2017.

Photographer: Drew Angerer/Getty Images
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New York Mayor Bill de Blasio, a Democrat seeking re-election this year, proposed a tax on the wealthy to pay for repairs to the city’s deteriorating subway system.

The plan would increase the city’s highest income-tax rate to 4.41 percent from 3.88 percent on earnings above $500,000 for individuals and $1 million for couples. The move would affect about 32,000 people and raise as much as $800 million a year, de Blasio said Monday.