Mayor Bill de Blasio wants to tax the wealthiest 1 percent of New Yorkers to fund repairs and improvements to the beleaguered subway system.
According to city officials, the mayor’s plan would increase the top income tax rate from about 3.9 percent to 4.4 percent for married couples who make more than $1 million and individuals making more than $500,000. De Blasio plans to announce the proposal Monday. Officials say the tax would generate about $800 million annually.
It must be approved by state lawmakers.
The proposal comes as the mayor and Gov. Andrew Cuomo continued to squabble over who is responsible for paying for fixes to the nation’s largest transit system.
Metropolitan Transportation Authority Chairman Joseph Lhota (LOW’-tah) said Sunday the agency needs short-term emergency funding now.
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