NEW YORK CITY: Mayor Bill De Blasio To Pitch Tax On Wealthy For Repairs To Crumbling Subway System

The New York Daily News reports:

Mayor de Blasio will propose a tax on the rich to fund fixes to the problem-plagued subway system. The tax on wealthy New Yorkers, which requires approval in Albany, would generate nearly $800 million a year for the MTA — including cash for subway fixes and upgrades like new signals, subway cars, and track repairs, according to de Blasio’s spokesman.

It would also pay to offer half-price subway and bus fares to low-income New Yorkers. Hizzoner’s proposal, which will be formally announced on Monday, comes after weeks of fighting with Gov. Cuomo, who controls the MTA and wants the city to pick up half the tab for an $836 million subway rescue plan. De Blasio has balked at that request.

New York City’s subway system launched underground service in 1903 and saw 1.8 billion rides in 2016.