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: