Obama Says He'd Raise Social Security Payroll Taxes On The Wealthy

Sen. Barack Obama says he would be willing to increase Social Security payroll taxes for wealthy individuals in order to make the retirement program solvent in the long run.

Obama, in an hour-long appearance on NBC's Meet the Press, criticized front-runner Hillary Clinton's unwillingness to offer specific solutions for Social Security, which faces a financial crunch with the retirement of millions of baby boomers.

So Obama says he'd be willing to raise the current cap on Social Security payroll taxes beyond the $97,500 level for individuals.

“I believe it is important for us to look at all the options," Obama said. "The best option would be to make sure that those who are in the best position to help solve this problem are willing to do so.”

Meet the Press moderator Tim Russert asked if this proposal was indeed a tax increase, and Obama said the proposal amounts to "a tax increase for people like myself.”

Obama stopped short of calling for an increase in retirement age or a cut in benefits for retirees. And he did not offer any specifics on what the new income cap on Social Security payroll taxes would be. But in advocating an increase on Social Security taxes for higher incomes, Obama went further than most candidates in proposing a solution to the coming crunch for the program.