MTA approves reduced fare hikePosted: Updated:
? The MTA approved a reduced fare increase of about 10 percent Monday, less than the nearly 30 percent hike it had originally proposed.
The reduced fare increase was made possible by a $2.26 billion state bailout approved by lawmakers last week. In addition to a 10 percent increase for the cost of an LIRR ticket, bus and subway fares will also go up to $2.25. A 50 cent surcharge for city cab rides is also included.
One very unpopular aspect of the plan that was criticized by business owners and lawmakers is the inclusion of a $3.4 million payroll tax.