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Daily Tax Report: State

NYC Credit Rating in Danger If City Has to Fund MTA, Mayor Says

Feb. 11, 2019, 8:21 PM

Funding the New York Metropolitan Transportation Authority with revenue from New York City’s budget would potentially damage the city’s credit rating and imperil basic infrastructure, Mayor Bill de Blasio told the joint fiscal committee of the state legislature Feb. 11.

Gov. Andrew Cuomo’s budget proposed that New York City fund half of the MTA capital plan that’s not covered by new revenue generated from a new toll on vehicles that travel into Manhattan at 60th Street.

De Blasio said a tax on millionaires is the most progressive way to finance the MTA, a state agency, but legislators should also consider...

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