Wrong. Most of the to .01 % (and that's who we are really talking about) have business all over the world and pay taxes all over the world. Much of the increase in wealth has been capital appreciation ( mostly due to low interest rates) which is not taxed until the assets is sold. 

The people how are getting hit by higher taxation is the upper middle class not the super rich.
BTW a lot of the money goes to sustaining the salaries and benefits of the bureaucracy who are not the "less well off". Teachers pensions in Ontario are worth close to a million dollars.