Queens State Senator Proposes Millionaire's Tax to Fund Penn Station Repairs
A State Senator from Queens says taxing the rich is how to fund repair work at Penn Station.
Senator Michael Gianaris says his bill would require millionaires in New York to pay a three-year temporary state income tax surcharge. It would apply to those living in any county where the MTA operates.
Gianaris says it would generate close to $2 billion dollars for the MTA every year.
Hotel taxes would also see a new $5 fee on top of the already existing tax in the city.
Gianaris compares his plan to temporary taxes imposed in the early 1990s to fund the hiring of more police officers to help fight crime.