More info here:
Obama to Propose Tougher Tax Regime for Wealthy
http://online.wsj.com/article/SB10001424053111903927204576577392520016846.html
“Recent White House plans have outlined between $1 trillion and $1.2 trillion in new taxes over 10 years. It’s not clear how much money the new millionaire proposal would raise.”
Its BS. Wealth creators will move the money and jobs elsewhere over this, its cutting your own throat, plenty of other places will take them and offer very low taxes.
You do not do this in a recession, its known to make less money than keeping the rate lower. I just dont see the point, they will always find a way around it.