Questions for the president

Greg Mankiw:

1. During your campaign, you said that under your tax plan, “no one will pay higher tax rates than they paid in the 1990s.” The House healthcare reform bill, however, raises tax rates for top earners well above the 1990s levels. In many states, the top marginal tax rate would exceed 50 percent. Do you still stand by that campaign pledge, and would you veto any bill that violates it?

2. During your campaign, you said, “The danger in a cap-and-trade system is that the permits to emit greenhouse gases are given away for free as opposed to priced at auction. One of the mistakes the Europeans made in setting up a cap-and-trade system was to give too many of those permits away.” The climate change bill now being considered in Congress does the same thing. Are you now willing to have the United States make the same mistake the Europeans made, or would you veto the bill?

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