The Great Recession of 2010

Betting on future tax rates is now available at Intrade. It isn't a pretty picture (HT Mankiw):

P(top rate equals or exceeds 38 percent) = .87
P(top rate equals or exceeds 40 percent) = .33
P(top rate equals or exceeds 42 percent) = .18

Notice that there is a one in three chance the rate will exceed the level that prevailed under President Clinton.