Tax Rate and Tax Revenue. Critically appraise the following statement: “The law of supply says that an increase in price increases the quantity supplied. A decrease in the income tax rate will...

Tax Rate and Tax Revenue. Critically appraise the following statement: “The law of supply says that an increase in price increases the quantity supplied. A decrease in the income tax rate will increase the worker’s net wage, so each worker will work more hours. As a result, the revenue from the income tax will increase.”