NYC Mayor proposes 'Millionaires Tax' to fix subway

 A little over a month after New York Gov. Andrew Cuomo declared a state of emergency for the New York City subway, his longtime nemesis in the city, Mayor Bill de Blasio, is proposing a new tax on wealthy New Yorkers to help fix the ailing system. On Monday, de Blasio will announce what the New York Times refers to as a "millionaires tax" to help repair the deteriorating system, which is plagued by delays, mechanical issues, and even derailments, the AP reports.

The tax would also subsidize reduced fares for low-income riders. The tax would bump the top income rate from 3.9% to 4.4% for couples who make more than $1 million per year and individuals who make more than $500,000. It would affect just under 1% of people filing taxes in the city.

Read more at Newser