New York lawmakers are facing the urgent task of bridging a $33 billion budget shortfall for the MTA. Congestion pricing alone won't be enough, necessitating new taxes and fees. Lawmakers are debating the specifics of these new taxes, considering options like a millionaire's tax or an increase in the mobility tax. Finding a fair and sustainable solution is crucial to avoid sacrificing vital projects for the city's growth.
New York lawmakers returned to Albany Wednesday faced with the daunting task of finding more cash for the MTA . New taxes and fees are needed to fill a $33 billion budget shortfall, and it's not coming from congestion pricing . Billions in new taxes are needed to fill the gigantic hole in the MTA 's budget. Without a new source of revenue, the system can't be fixed. Lawmakers say it's not a question of if there will be new taxes, but what the taxes are, and who pays them. 'Well, math is math.
And so either we're going to find new sources of revenue to fill this hole, or the hole will not be filled. So that's the choice we face. Either take important projects that help the city thrive off the table, or find ways to pay for them. And I'm in favor of finding ways to pay for them,' State Senator Michael Gianaris said. 'Everything has to be on the table,' State Senator Brad Hoylman-Segal said. 'Another tax proposed on the heels of the new congestion charge'In finding a new revenue stream, lawmakers are mindful of the fact that many in the metropolitan region are still reeling from the start of congestion pricing, having to pay $9 to enter the Central Business District below 60th Street. 'Yeah, it's not good PR to have another tax proposed on the heels of the new congestion charge, but it's reality,' Hoylman-Segal said. Although it's early in the negotiations, a number of ideas are floating around, including a millionaire's tax, or an increase in the mobility tax on employers. The mobility tax was last raised in 2022. So why doesn't the legislature just take money from its general fund to fill the MTA gap? Gianaris said it might be possible to take $1-2 billion from the general fund, but to fill a gap of $33 billion will require a new revenue stream. That means taxes and fees. 'It has to be broad based and fair' Kathryn Wylde of the the Partnership for New York City says businesses in the Big Apple shouldn't be the only ones to bear the burde
MTA Taxes New York Funding Gap Congestion Pricing Legislature
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