The mayor of New York City wants to tax the wealthiest 1 percent to fund repairs and improvements to the beleaguered subway system.
The proposal comes as Mayor Bill de Blasio and Gov. Andrew Cuomo, both Democrats, continue to squabble over responsibility for paying for repairs to the nation’s largest transit system that has seen growing delays, mechanical failures, power outages and even derailments.
Metropolitan Transportation Authority Chairman Joseph Lhota recently unveiled an emergency plan to stabilize the system. The governor offered to split the cost of the plan with the city, but the mayor refused to commit money to support it.
The mayor’s tax plan is meant as a long-term solution, not a quick fix, he said. It aims to generate nearly $800 million annually with the bulk of the money going toward capital upgrades to subways and buses, and must be approved by state lawmakers. A formal announcement…
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