Originally Posted by bo_knows
Great link. While I'm still at least 3 decades away from collecting SS, I still don't quite grasp why there is an cap on the income that SS tax is taken from. Removing that cap seems like it would solve all the problems.
As others have mentioned, the "why" is mostly about voters' perceptions of "fair".
The SS actuaries don't provide an opinion on that, but they do provide numbers regarding how many additional dollars would come from eliminating the cap.
You an see their results in options E2.1, E2.2, etc here: Long Range Solvency Provisions
I'd suggest clicking on the "Detailed single year tables".
My interpretation of their numbers is that eliminating the cap makes a substantial dent in the shortfall, but doesn't completely close it.