President Obama on Monday will call for a new minimum tax rate for individuals making more than $1 million a year to ensure that they pay at least the same percentage of their earnings as middle-income taxpayers, according to administration officials.
Money goes where it is treated well--especially big money. While an individual making "only" $1 million per year might sit there and take it, those making $50 million or $100 million or more won't. We've seen this happen back in the 40s-70s when the nascent People's Republic of Great Britain had maximum effective tax rates of 98%+. We've seen it more recently when several states decided to try something similar.
These people are the ones who invest money in productive ventures, creating those mythical beasts known as "jobs" and "paychecks". Chase them off--whether to another state or another country--and those productive ventures will go with them.
Of course, the looters don't care, as long as they get to loot. Look for some sort of "relocation tax" to be enacted shortly after this foolishness, should it come to pass.