Oh those millionaires, they suffer so. Seems Obama has dusted off some past campaign rhetoric and is now proposing to tax millionaires to pay down the deficit.

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.

Details are sketchy yet it seems to be some sort of alternative minimum tax so millionaires aren't paying glorified capital gains tax rates on their yearly income. Shame Obama caved on letting the Bush tax cuts expire when he had a Democratic Congress.

When investment managers, hedge fund managers receive compensation, it's in the form of stocks, options, which are taxed at a 15% capital gains rate, not the top tier 35% income tax bracket.

Additionally, millionaires don't pay additional social security contribution taxes past $106,800 of their yearly earnings.

To wit, Populist House Democrat Peter Defazio has introduced legislation to raise that cap on social security contributions and stop the attacks and social security defunding attempts:

We all know the United States needs jobs. We need jobs right now! Last week Obama proposed a new Stimulus plan, which we did a first pass on. Unfortunately most press is busy covering superficial politics instead of what is in the bill, how it would be paid for and most importantly, the effectiveness, or lack thereof.

USA today claims the plan is to tax the rich as they put it, or as we put it, close loopholes and tax hedge fund managers, currently living living high off the hog at a 15% tax rate.

Here's the gist of how Obama plans to pay the $447 billion his plan costs.

• Limit on itemized deductions ($200,000 individuals, $250,000 families) - $400 billion
• Carried interest would be treated as "ordinary income" rather than at capital-gains rate - $18 billion
• Oil- and gas-company tax breaks - $40 billion
• Corporate-jet depreciation would change - $3 billion

Paul Krugman shows the 2009 economic stimulus was not enough.  We've shown as have many others, tax cuts for the rich do not create jobs.   Yet, many criticized the $787 Billion Stimulus bill as spending, loaded with political favors and misdirected funds.  For example, 84% of the green jobs went offshore and build America bonds were yet another gift for Goldman Sachs.

The problem with the original stimulus wasn't that it wasn't big enough.  It was not smart enough.  What we need is true domestic stimulus.  If you're going to spend our money to stimulate our economy, stop shipping our dough to China instead.

Is this possible?  Can one stop the offshore outsourcing of jobs, especially jobs created with our hard earned taxpayer dollars?  Is there anything that can be done which actually goes to American workers?   Why yes there is.  First and foremost, all stimulus funding should have two mandatory requirements, Buy American and Hire America.  If a government is enacting Keynesian economic stimulus, they must keep that spending within the domestic economy they wish to stimulate.  The last thing America's workers need is stimulating China's economy and generating more jobs for them.

Huffington Post reporter Zach Carter did a most unusual thing when reporting on Panama being a tax haven. He called up one of the many firms offering to help him hide his money from the IRS for $2,000 dollars and filmed it.