It’s said that the only sure things in life are death and taxes. In New York, the latter might be more true soon. New NYC taxes are on the way, raising the already high cost of living in America’s most expensive city.
A proposed surcharge on taxis and Uber rides has passed through the New York State legislature. Under the new plan, a surcharge of $2.50 will be levied on cab rides south of 96th street in Manhattan.
Ride-sharing services like Uber or Lfyt will be assessed a $2.75 charge for operating in the same area. The move aims to funnel more than $415 million into the MTA’s “lock box” annually.
The funds will be used to fund the Subway Action Plan which is aimed at repairing and revitalizing the city’s subway system.
Owning a car in NYC is expensive and many residents rely on yellow cab and ride-sharing services to get around. Of course, many residents also rely on the subway system and improved service would certainly be welcome.
A Tale of Taxes
New NYC taxes are on the way and whether they help or hurt will be determined in time. However, in the short-term, it’s another boost to the cost of living in what is already a very expensive place to live.
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