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Mr Obama wants to raise the top income-tax rate from 35% to 39.6%—its pre-Bush level—and the tax on capital gains to perhaps 25% from 15%. Mr Obama also wants to add some new corporate taxes. And he has spoken repeatedly of removing the earnings cap on payroll taxes, which, along with his other proposals, would increase the top marginal tax rate to over 46% of earned income. (State income taxes, which range from 0% in Texas and half a dozen others to around 9% in the most expensive states, including California, New Jersey and Washington, DC, come on top of that.)
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That right there is enough for me to applaud if he should catch a bullet in the back of the head. Raising taxes on the most productive Americans is not a great way to stimulate economic growth. Raising taxes on corporations only results in costs being passed on to consumers. Taxing capital gains at higher levels only motivates investors to find newer and better tax dodges. With the 15% cap on capital gains taxes investors have been more willing to move money, thus triggering the tax in the first place.