Netflix & Pay: New York proposes Tax on Netflix and Hulu Subscriptions to Fund Subway

March 24, 2023 By Prelo Con

(Image Credit Google)

Image Source: Reuters “Watching Netflix original program is taxing enough!” tweets a user under The Wall Street Journal’s latest tweet - “The latest idea to save the New York City subway: taxing your Netflix subscription.” New York's Metropolitan Transportation Authority, like many other public transportation systems around the country, is struggling since ridership has yet to return to pre-pandemic levels. In an effort to enhance MTA revenue, New York Governor Kathy Hochul has suggested a $700 million payroll tax hike. Democrats in the state assembly, however, are dissatisfied with that approach and are seeking alternatives, including maybe taxing people's Netflix memberships. [caption id="attachment_126921" align="aligncenter" width="1200"]

Image Source: Cord Cutters News[/caption] According to the Wall Street Journal, taxing streaming service subscriptions such as Hulu and Netflix is only one of several ideas being considered by New York lawmakers. Other rumored measures include increased corporation taxes, a cost for package delivery, and a new surcharge on Uber and Lyft rides. Increasing corporation taxes to 9.25 percent on businesses with more than $5 million in revenue is expected to collect $865 million in the first year while putting a $0.25 levy on package deliveries is expected to yield $300 million. Adding the state's 4% sales tax to streaming subscriptions would generate just approximately $100 million per year. When all of those measures are combined, New York lawmakers believe they may collect enough money for the MTA to avoid raising subway fares from $2.75 to $3.00. The MTA is thought to be unconcerned about where the additional funds come from. MTA authorities, on the other hand, are said to favor Hochul's proposed payroll tax hike since it would give a more consistent source of money. It's still unclear who will win, but state lawmakers have until the end of the month to ratify the budget. So we might find out as soon as next week whether HBO Max memberships would be four percent more costly.

By Prelo Con

Following my passion by reviewing latest tech. Just love it.

Netflix & Pay: New York proposes Tax on Netflix and Hulu Subscriptions to Fund Subway

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