'Millionaire's Tax' Could Fund NYC Mass Transit

[w¡n9Nµ7 §£@¥€r 123]

Mayor Michael Bloomberg's congestion pricing plan may be dead, but Assembly Democrats do have a plan to raise money for mass transit: tax the rich.

It's what Albany calls a "millionaire's tax."

Yes, billionaires like Bloomberg will ante up, too.

Under the plan, people who earn over $1 million in New York state will pay an income tax surcharge of about 3/4 of 1 percent for five years. In all, it would raise over $5 billion for mass transit.

Supporters say that of the 75,000 affected taxpayers, about 35,000 don't live in New York.

"They could be ballplayers at Yankee Stadium, Shea Stadium, Madison Square Garden," Assembly Speaker Sheldon Silver told CBS 2 HD. "They could be Wall Street people who live in Greenwich, Conn., or Princeton, N.J."

And with everyone scratching their heads Tuesday about how to fund mass transit, Gov. David Paterson named former MTA Chairman Richard Ravitch to head a commission to look for revenues.

"I am announcing there will be a blue ribbon commission," Paterson said.

Ravitch told CBS 2 HD that he's up to the challenge.

"Obviously, it's a tougher task with the defeat of congestion pricing because that would have provided 20 percent of what the apparent needs are," he said.

Although Bloomberg wouldn't support the so-called "millionaire's tax," Ravitch is open to it.

"Any revenue – any hockable, borrowable revenue – is a good thing," he said. "I take it any way the Legislature wants to give it to me."

Commuters are thrilled with the idea.

"It's a good thing – they should pay their fair share," Manhattan resident Michael Neal said.

Added Manhattan resident Janice Bastuni: "I think it would be a wonderful thing to pay. The mass transit system needs it."

And an interesting side note: 18 percent of the new revenue would come from the 426 taxpayers who make more than $35 million a year, with Bloomberg, of course, being one of them.

http://wcbstv.com/politics/millionaires.ta...n.2.695064.html

[Jenn! 918]

But millionaires don't even use public transit. How unfair!

[w¡n9Nµ7 §£@¥€r 123]

Yeah millionaires who commute into the city for work tend to gravitate towards the private ferry.... no riff raff there... its like a country club.

[Ban Hammer 12,829]

Commuters are thrilled with the idea.

i'm sure they are thrilled. getting someone who will, in all likelihood, never use the system to pay for it rather than having those who use it pay for it. rob peter, pay paul. makes paul very very happy.

[w¡n9Nµ7 §£@¥€r 123]

Commuters are thrilled with the idea.

i'm sure they are thrilled. getting someone who will, in all likelihood, never use the system to pay for it rather than having those who use it pay for it. rob peter, pay paul. makes paul very very happy.

You betcha

[Gaby&Talbert 1]

why not increase the fees and have it pay for itself?

[almaty 19]

milk the rich and kill the poor....

[w¡n9Nµ7 §£@¥€r 123]

why not increase the fees and have it pay for itself?

Because the new expenses they need to find monies for are capital improvements to the system. New stations, new routes, new trains. This is a one-shot infusion of cash, the hike is only for 5 years.

[Ban Hammer 12,829]

why not increase the fees and have it pay for itself?

Because the new expenses they need to find monies for are capital improvements to the system. New stations, new routes, new trains. This is a one-shot infusion of cash, the hike is only for 5 years.

so just raise the prices on tickets. it's only temporary, everyone can suck that up can't they

oh but nailing the rich is so much more fun isn't it?

[Jenn! 918]

Yeah millionaires who commute into the city for work tend to gravitate towards the private ferry.... no riff raff there... its like a country club.

To be fair, I think commuters who use public transit could throw a few pennies into the "diamond toilet seats for the ferry" fund. We wouldn't want anyone to get the shaft.

[w¡n9Nµ7 §£@¥€r 123]

why not increase the fees and have it pay for itself?

Because the new expenses they need to find monies for are capital improvements to the system. New stations, new routes, new trains. This is a one-shot infusion of cash, the hike is only for 5 years.

so just raise the prices on tickets. it's only temporary, everyone can suck that up can't they

oh but nailing the rich is so much more fun isn't it?

No one really gets nailed here.

The plan, if you're familiar with it (you aren't), is to dramatically increase the number of people who can commute into NYC. In addition, the plan is to rehabilitate existing lines and stations. What impact will this all have? It will make it easier for the millionaires who run the businesses to attract even more cheap labor from the outer boroughs and jersey and maybe even parts of PA (monroe, northampton and bucks counties).

This will make the millionaires even richer. And that's a good thing!

[Ban Hammer 12,829]

why not increase the fees and have it pay for itself?

Because the new expenses they need to find monies for are capital improvements to the system. New stations, new routes, new trains. This is a one-shot infusion of cash, the hike is only for 5 years.

so just raise the prices on tickets. it's only temporary, everyone can suck that up can't they

oh but nailing the rich is so much more fun isn't it?

No one really gets nailed here.

The plan, if you're familiar with it (you aren't), is to dramatically increase the number of people who can commute into NYC. In addition, the plan is to rehabilitate existing lines and stations. What impact will this all have? It will make it easier for the millionaires who run the businesses to attract even more cheap labor from the outer boroughs and jersey and maybe even parts of PA (monroe, northampton and bucks counties).

This will make the millionaires even richer. And that's a good thing!

that has to be the most disturbing logic i've ever seen from you.

[w¡n9Nµ7 §£@¥€r 123]

I've been practicing.

[Ban Hammer 12,829]

I've been practicing.

try again.

[w¡n9Nµ7 §£@¥€r 123]

Naah. That works.