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New York City mayor eyes tax hike on rich to fix subway

Staff Writer |
New York Mayor Bill de Blasio rolled out a plan to raise taxes on millionaire residents to help restore the city's subway system and subsidize low-income commuters.

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"People do not want to see this madness continue," De Blasio said at a news conference where he was flanked by fellow Democrats, union leaders and activists.

The mayor lamented the rising number of delays in train arrivals that had almost tripled in the last five years, according to the Metropolitan Transportation Authority that is responsible for public transportation in the city.

The proposal raises the top income tax rate from 3.9 percent to 4.4 percent for individuals whose annual income is $500,000 or married couples making $1 million and is expected to generate around $800 million annually.

It also features half-priced MetroCards for New Yorkers at or below poverty level for which $250 million would be allotted. MetroCard is a rechargeable card used to pay rail and bus fares.

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