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5. Let's suppose that Congress passes a bill to increase income taxes starting at the end of the year to try to reduce the budget

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5. Let's suppose that Congress passes a bill to increase income taxes starting at the end of the year to try to reduce the budget deficit. The President's tenure finishes in 2020 and then taxes will be back to the levels of 2016. What is going to be the effect of this policy measure on consumption? Use Friedman's and Hall's theories

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