Mankiw Was Wrong

And he is man enough to admit it:

A couple days ago I noted that under the House healthcare reform bill, marginal tax rates on top earners would go up substantially. Indeed, they would reach levels not seen in many years. That bill would institute a tax surcharge of 5.4 percent on top of normal income taxes, which under current law are already scheduled to revert back to Clinton-era levels.

This is no cause for alarm. A reader points out that the President would surely veto such a bill. After all, during the campaign, he promised us the following through two of his top economic advisers:

[Clinton level taxes, no hikes below 250K, &c., click through if you need remindin']

Health Care Posted by John Kranz at July 17, 2009 1:09 PM