The reality is that Obama does not give a damn about the effects of higher taxes on the rich. He is simply trying to get votes by playing the class envy card. The simple minded people he is appealing to have a need to believe that everybody that is "rich" got that way "on the backs of po folks who did all the work". All the folks that are successful or have money had it given to them or got it through unlawful or unethical means. None of them actually earned it by working for it. Therefore, those who don't have money have as much right to rich folks money as the rich do because it was them who earned it for them. This is the mentality Obama is appealing to.