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New York City Mayor Bill de Blasio on Monday rolled out a proposal for a millionaires' tax to help pay for mass transit repairs and to subsidize fares for low-income commuters.

The tax, which would generate about $800 million annually, would increase the top income tax rate from about 3.9 percent to 4.4 percent for married couples who make more than $1 million and individuals making more than $500,000, FoxBusiness.com reported.

The tax hike would reportedly affect an estimated 30,000 to 35,000 New Yorkers.

It now must be approved by state lawmakers, and it is expected to face significant challenges from Gov. Andrew Cuomo (D) and the Republicans who control the state Senate.

On "Your World" today, Rachel Campos-Duffy said raising taxes on the wealthy is just a "typical liberal response" when the need for additional funds arises.


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"They don't say, 'Let's go back to the budget. Let's take out some of these wasteful expenditures and make the appropriate investments in public transportation that we need,'" Campos-Duffy said.

She pointed out that New York City has spent millions and millions of dollars on questionable things, such as Shakespeare in the Park and a legal defense fund for illegal immigrants.

"They're wasting money," Campos-Duffy said.

The Washington Examiner's Emily Jashinsky said this tax is a great way to motivate wealthy people who contribute extensively to the New York City economy to move away.

She noted that the city has repeatedly increased public transportation fares over the years, yet they're still facing this budget crisis.

"Why don't they put forward a plan to move the money around in the budget that's already there, show that they're going to use it well, and then ask for millions and millions more dollars?" Jashinsky said.

Watch more above.


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