Verb: 1) to strike repeatedly, to pummel, to spank, to wallop.
2) to teach a lesson (or lesson of dominance) through physical abuse; demonstrating superior strength.
The term seems to have sprung from the late 60s to early 70s in Americana. It's a term you'd hear spoken by Red Foreman on That 70's Show, and by the older brother on Supernatural.
(brother-to-brother POV) "If you tell Mom I set the curtains on fire again, I will paint your ass!"
(mother-to-child POV) "You can touch those muffins...if you want me to paint your ass!"
There is no diminished meanings when used in any American culture or race.
(Mexican mother-to-daughter POV) "Oi Maria! I paint ju ass twice already, why you still date Oscar?"