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The MTA had even bigger problems than financing the Second Avenue subway. In 1971, a Wall Street bond specialist said that working together, the Mad Hatter (a wacky Alice in Wonderland character) and Mr. Micawber (an ever-hopeful Charles Dickens character who landed in debtors’ prison) could never have dreamed up anything as strange as the Transit Authority’s finances. Fares, tolls, taxes, and federal funds have never been able to keep up with the MTA’s needs. At times, the state has tried to solve the problem by levying fees and taxes that most people would not notice. For example, only a year after the MTA was formed, the state legislature increased the tax that homebuyers pay when they take out a mortgage, and dedicated the additional revenue to the MTA.72
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Philip Mark Plotch (Last Subway: The Long Wait for the Next Train in New York City)