I am in agreement with Obama wanting to tax the wealthy but instead of starting at the $250K level, start at the top and work down. Start with Buffett, Gates, and all of the billionaires first. Impose a tax level of 85% of all income, no matter what the source. Eliminate the tax shelters for their favorite "foundations" which is a convenient way to remove their vast fortunes from the clutches of the IRS and the federal government that pays high salaries to family and friends.
Then, move to the next category, millionaires whose income or worth is from $500 to $999 million and tax them at 70%, no matter where they derive their income. Yes, tax the living hell out of the super wealthy and listen to their screams in the night.