>> But the cut in marginal tax rates also increases the “price” of leisure. Every hour you don’t work, you’re giving up more real income because your net-of-tax income per hour has increased. So you’re inclined to work more. This effect is called the substitution effect. <<
Get back to work, SLAVES!!! The banking industry has learned you are starting to parent, and we will not have any of that!
See, because when you cut taxes on the wealthy, you only inspire them to work harder to buy Mazeratis and Crystal, but God forbid parents have spare time to raise their kids. We all know that the consumption of luxury goods makes everyone’s lives better, but raising kids well is totally useless, economically.