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NYC Mayor Proposes Tax Plan for Subway Repairs
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7 Aug 2017 04:13 PM EST

On Monday, New York City Mayor Bill de Blasio issued a proposal to raise taxes on the wealthiest New Yorkers for funding to repair the city's subway system. According to de Blasio, a democrat, the plan includes an increase in the tax rate on an individual's income above $500,000 to 4.41 percent from 3.876 percent. At a news conference, de Blasio added that the plan would also fund half-price bus and subway rides for nearly 800,000 New York City residents. The mayor went on to conclude that his plan would raise an additional $700 million next year for the area's subway and bus system.

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