How does the tax increase affect the budget line, Macroeconomics

How does the tax increase affect the budget line

Problem

Suppose that the government decreases the income tax rate for self-employed workers. Consider a 55-year-old self-employed worker deciding the optimal retirement age between now and when they turn 75. How does this tax increase affect the budget line? What are the income and substitution effects on leisure and the consumption good?

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Macroeconomics: How does the tax increase affect the budget line

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Macroeconomics: How does the tax increase affect the budget line

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