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Even assuming they did catch up to the Euros and Asian standards for transit, who is going to pay in the end? The taxpayer. Now you have ANOTHER TAX on top of the carbon tax on top of all the other taxes you are already paying. (Yes you still pay the carbon tax even if you don't drive, it would just show up in your bus pass and everything you eat and buy).
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I have absolutely no hard data to back up this point, so take it with the appropriate grain of salt.
Even if taxes were increased to offset improved public transit, I suspect many people would end up with more money in their pockets thanks to savings on driving-related items like gas, maintenance, repairs, etc. Many might also be able to rid themselves of a vehicle completely, leading to further savings because they no longer have car payments or insurance bills.