A group of suburban lawmakers are urging Albany to restrict proposed payroll tax increases, meant to shore up the finances of the MTA to businesses in the city, arguing the suburbs are already subject to 'onerous' taxes without equivalent service.
was balanced only after factoring in new cost-cutting and 5.5% fare hikes scheduled to take effect this year and in 2025; it still assumed a $600 million deficit that would grow to $1.6 billion by 2026 without new dedicated funding. Hochul’s plan also calls for future casino revenue to be directed to the MTA and for the city to contribute about $500 million more annually in subsidy.
“It would only apply to the biggest employers. Only 5% of all businesses would be subjected to this little incremental payroll mobility tax,” Lieber said on WCBS 880 radio on Feb. 15. “We’ve got on-time performance the best in 10 years on the subway. Metro-North and Long Island Rail Road historic high on-time performance 96 and 97%. Never seen numbers like that before. We need a little help from the businesses to make sure we can do that even though people are coming in less frequently.
MTA brass have praised Hochul’s plan as one that would dig the authority out of a financial emergency, but suburbanites are not the only ones with gripes about the proposal.from the opposite end of the spectrum: he says the city, not the suburbs, are getting shafted, as the Big Apple is the state’s only municipality being asked to contribute new annual subsidies to the MTA, to the tune of over $500 million per year, in addition to the payroll tax increase and fare hike.
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