De Blasio proposes tax on wealthiest New Yorkers to fund subway repairs

De Blasio proposes tax on wealthiest New Yorkers to fund subway repairs
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New York City Mayor Bill de Blasio (D) is proposing a tax on the wealthiest 1 percent of New Yorkers to pay for much-needed repairs to the city’s subway system.

The tax, which would affect slightly less than 1 percent of New Yorkers, would push the top income tax rate from about 3.9 percent to 4.4 percent for couples earning more than $1 million and individuals whose incomes top $500,000, according to the Associated Press.

“Instead of searching for a quick-fix that doesn’t exist, or simply forking over more and more of our tax dollars every year, we have come up with a fair way to finance immediate and long-term transit improvement,” de Blasio said in a statement.

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“Rather than sending the bill to working families and subway and bus riders already feeling the pressure of rising fares and bad service, we are asking the wealthiest in our city to chip in a little extra,” he added.

The new tax proposal comes as de Blasio faces heat for the city’s subway system, which has been plagued by an increasing number of breakdowns and other issues over the years, bringing a vital means of transportation in the city to a halt several times this summer.

De Blasio and New York Gov. Andrew Cuomo (D) are facing off over whether the state or the city should pay for the repairs. Cuomo declared a "state of emergency" for the subway system in June.