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.
Photographer: Drew Angerer/Getty ImagesThis article is for subscribers only.
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.