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New York Mayor de Blasio Wants More Taxes From Rich For Crumbling Subway

New York City Mayor Bill de Blasio on Monday proposed raising taxes for the wealthiest New Yorkers to increase funding for the city's deteriorating subway system.

His plan, an increase in the tax rate on an individual's income above $500,000 to 4.41 percent from 3.876 percent, would also fund half-price bus and subway rides for up to 800,000 of the city's poorest residents, he said.

The plan comes as the mayor and New York state's governor, Andrew Cuomo, squabble over who is responsible for the nation's largest subway system, which has suffered a surge in delays.

Cuomo controls the Metropolitan Transportation Authority, the state-run corporation that operates the subway and bus system. He has the power to close it down without consulting the mayor, as he did before a winter storm in 2015.

Cuomo says the city should contribute more from its own coffers since it technically owns the subway system, a point echoed by newly appointed MTA Chairman Joe Lhota.

Read more at Reuters

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