The current payroll tax on workers and their employers is 6.2% or 12.4% total.
To keep Social Security solvent for the next 75 years the Trustees project the tax must increase 2.78 percentage points to 15.18 percent; 7.59% on workers and employers.
The question then becomes how much more are we willing to pay in taxes to increase Social Security benefits for future beneficiaries.
Some advocates see a simple answer; just raise the taxable wage cap or eliminate it. Doing that does not even keep the Trust solvent for 75 years, let alone provide for higher benefits. In addition, raising the taxable wage cap without a comparable increase in future benefits moves what was to be a self-funded program closer to welfare.
As it is today the benefit calculation already provides a higher benefit to lower income workers. In other words, you get less and less a return on your money the more you earn and the more you pay in taxes.
How much more in taxes do you want to pay for a higher benefit in retirement?