5 August 2017, 23:14 GMT
NEW YORK (Sputnik) — "Rather than sending the bill to working families and subway and bus riders already feeling the pressure of rising fares and bad service, we are asking the wealthiest in our city to chip in a little extra to help move or transit system into the 21st century," de Blasio said.
The new tax proposal would raise as much as $800 million annually as well as allow the city to cut in half subway and bus fares, according to the mayor.
Last month, New York Governor Andrew Cuomo announced state of emergency to expedite Metropolitan Transportation Authority (MTA) subway repairs.
MTA, which serves New York City’s five boroughs and the seven surrounding suburban communities, has been experiencing repeated train failures and constant delays.
The transit system has become the topic of heated arguments between New York City and State governments as to who is responsible to fund a major overhaul of the deteriorating system.
