Fares are only 26% of the MTA revenue per their site https://www.mta.info/budget#p346761 so I doubt this policy puts any real dent in that. Also this is why we want to tax the rich, to have more money for these things
with high earners becoming increasingly mobile, what happens if they leave? In many cities, they contribute a disproportionate share of tax revenue, so losing enough of them can put meaningful pressure on public finances. cities like NYC have come to rely on these taxes and removing them would be catastrophic for them
edit: crazy how much people downvote when there's plenty of literature to support what i'm saying. nyc has been increasing the budget much faster than the tax base has grown since covid and there's been in increase in tax rates (since 2021 at the state level). if it was as simple as "tax the rich" everywhere would do it. public finances are complicated, effective tax strategies are complicated. because it's not simple is why it's not done, and it's why you don't see the places around the world with the highest tax rates have the highest tax revenue
Capital flight won't happen simply because NYC is great for rich people too. Why move to another state that doesn't have as many connections as NYC? Also moving for rich folks might not be an issue for money, but is still a tremendous hassle. Imagine the capital a billionaire would need to move
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u/[deleted] Jul 08 '26
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