No, raising the income tax rate does not significantly increase taxes on the truly wealthy. Wealth is in assets—not income. They can shelter income. Raising the tax rates penalizes high earning professional and small business people. THEY ARE NOT RICH. Obama will not screw the power broker class of Buffett, Jamie Diamon, Bill Gates, Jeff Imelt, and all of the pother fat cat RATS.
The term “Making money” is meaningful to America ... In earlier days, the only source of money was outright theft, legalized theft (aka “taxes” or printing presses), inheritance, handouts, etc.