The more money you make the more you can afford to pay. This is even known by economists. They call it "declining marginal utility". I think that not only should the maximum wage limit be removed, but we should make social security taxes progressive. Higher percentages should be charged for greater tax brackets. The way we have it set up right now where a billionaire pays far less than 1% of his earnings into social security and someone in poverty pays 6.2% is absurd.
One of the ways the wealthy in this country get an enormous break compared to the middle class is that they don't pay the payroll taxes. We should have everybody paying into the system, regardless of income. Personally, I'd advocate every American paying into the system. If the top salaries financed this system, there's no way it would ever be insolvent.
As the years pass, the cost of living raises. While all the price of lodging, food, utilities, medicine and medical treatments all rise, many people find themselves faced with having to decide one over the other. Many seniors and disabled people across the country rely on Social Security for their income and more often than not, Social Security falls short and fails to do the job that it was created for.
The maximum wage limit for Social Security taxes is working. Any raises would just mess up the current system, and it would cost some tax payers even more money. I think what we really need is more focus on why people want the limits raised, because raising the limit is just a bandaid solution in my opinion.
Social security was a mistake to begin with. People should be making those payments to their own accounts for retirement savings. Instead, the current generation is paying for the previous generation's retirement. It is a system that is eventually going to fail. Always requiring the current generation to pay even more to compensate for lack of money in the last is not a solid solution to a system that was designed faultily.