By the same token, if taxes will drastically increase going forward (which is highly dubious given the projected path is nearly linear and assumes the existing tax code will not change) then you are better off leveraging expected future gross wages to maximize short-term spending.
Woh, that was almost cogent and smart...
(click through if you don't see the chart)
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via Greg Mankiw's Blog by Greg Mankiw on 4/8/08From John Cogan and Glenn Hubbard.