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Mayor de Blasio Looks to Tax Wealthy to Pay for Subway Repairs

The new tax would increase the income tax rate on the city's highest earners (an estimated 32,000 New York City tax filers) by 0.534%, from 3.876% to 4.41%, on taxable incomes above $500,000 for individuals and above $1 million for couples.

By John Jordan | johnjordan | Updated on August 08, 2017

New York City mayor Bill de Blasio proposed the new tax on the wealthy at a press conference at Brooklyn Borough Hall on Monday. New York City mayor Bill de Blasio proposed the new tax on the wealthy at a press conference at Brooklyn Borough Hall on Monday.

NEW YORK CITY—Mayor Bill de Blasio, who has recently engaged in a war of words with Gov. Andrew Cuomo and MTA chairman Joe Lhota over the city’s share of funding to fix the troubled subway system, has come up with a new funding source—the city’s wealthy.

The mayor at a press conference at Brooklyn Borough Hall on Monday proposed increasing the tax levy on less than 1% of the city’s wealthiest tax filers that if imposed would raise as much as $800 million a year for the city’s subway and bus systems as well as pay for half-priced Metrocards for low-income transit riders.

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