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.
Most of the revenue would go toward fixing a mass-transit system that has been plagued in recent months by breakdowns and delays, contributing to the first decrease in ridership in more than 20 years. About $250 million would subsidize half-price fares for 800,000 New Yorkers living below the federal poverty line, said de Blasio, 56, whose re-election campaign has focused on making the city more affordable.