Obama is going to raise income taxes and capital gains taxes only on the amount of income or capital gains taxes above $250,000. For those that make more than $250,000, the first $250,000 will not be taxed higher.
So if you make $250,000 your taxes will be unchanged under Obama's plan.
If you make more than $250,000 you will pay approximately 5% more of you income and capital gains in taxes. Again, only the amount above $250,000 will be taxed more.
So an income of $350,000 will see a $5,000 tax increase.
An income of $450,000 will see a $10,000 tax increase.
An income of $550,000 will see a tax increase of $15,000.
An income of $1.25 million will see an increase in taxes of $50,000.
Not socialism either.
I read a lot of nonsense about how it's the end of the world if Obama wins, and the rich will get buried.