Of course, Hollande was an extreme scenario but it just goes to show the impact of legislation on business planning.
Obviously small gains in the rate will not completely kill investment holding all the other factors constant but with the expected drop in growth for next year, the implementation of the ACA and the continuous mess in Europe (including France's crash next year, you heard it here first), there is a good chance that the well to do are holding on to their cash until the mess clears up and foregoing income to avoid taxes.
As soon as the economy hits rock bottom, they'll do what they do best and purchase assets at rock bottom.
A plan to help the middle and poor classes will effectively help the rich much more. Welcome to the progressive left.