Turns out the Congressional Budget Office is good for something after all; it has provided us with this enlightening revelation:
“When workers’ earnings rise but their after-tax income rises less—because of increases in their income and payroll taxes or declines in their benefits from government programs—their incentive to work typically declines,” said Shannon Mok, an analyst for the budget office in the tax analysis division.
Government programs that reduce the incentive to work include food stamps and ObamaCare.
“Increases in marginal tax rates, on net, decrease the supply of labor by causing people already in the labor force to work less,” she says.
Less work equates to less wealth for our collectivist rulers to redistribute.
Next the CBO will discover that the sun sets in the west, and that it hurts when you hit your thumb with a hammer.
On a tip from Torcer.