Obama Says No Privatization Of Social Security

Barack Obama would change the way payroll taxes are levied for Social Security, eliminating the tax on wages between $102,000 and $250,000, but re-assessing it on incomes of $250,000 or more annually.

COLUMBUS, Ohio — Democratic Sen. Barack Obama on Friday called for higher payroll taxes on wage-earners making more than $250,000 annually, a step that would affect the wealthiest 3 percent of Americans.