According to the IRS statistics which I downloaded, (from IRS Publication 1304 Individual Income Tax Returns 2009) here is how taxable income for people making over 1 million a year was reported in 2009.

25,841 returns showed income of $1 million to 1.5 Million
10,244 returns showed income of 1.5 million to 2 million
15,250 returns showed income of 2 million to 5 million
3,590 returns showed income of 5 million to 10 million
2,227 returns showed income over 10 million (and I will use the 20 million figure for my below calculations)

Now, taking these numbers and using the maximum amount for each range you get the following increases in taxes (if Reid's 5% "millionaire's tax gets passed)

The 25,841 returns that made 1-1.5 million would generate $1.938 billion in new income taxes.
The 10,244 returns that made 1.5-2 million would generate $1.024 billion in new income taxes.
The 15,250 returns that made 2-5 million would generate $3.812 billion in new income taxes.
The 3,590 returns that made 5-10 million would generate 1.795 billion in new income taxes.
The 2,227 returns that made 20 million would generate $2.270 billion in new income taxes.

When you add it up you find that the 5% tax on millionaires will generate $11 billion in new income taxes.

The President wants to spend $457 Billion on his jobs program.  It would only take about 46 years to pay for his jobs bill.  If you taxed the millionaires 30% you would generate $65 Billion. Still short.  Let's tax them 75% and see what happens. Nope, that only generates $162 billion.  OK, let's tax them 100% of what they make. That's right, if you make more than $1 million a year we will tax you 100% so you have no money. Does that pay for the jobs program?  The answer is NO! That only generates $216 Billion--not even half of what is needed.