While you do that you also need to rewrite the tax code and close all the stupid loop holes. Increase the Social Security tax to base it off everything you make not just tax the first 106,800.00 you make a tax year.
My question to you is this: Social Security was meant to be a safety net to help those out who need it. Then it morphed into a "retirement plan" and people began to only rely on SS in their old age. Now, you want to raise the tax on wages above $106,800. Here is the problem. I would like to believe that most people making more than that are responsible people. They put money away in IRA's, 401K plans, etc. When they hit retirement age, they will be taxed on their SS withdrawls, which means they have been taxed twice on that money. Odds are, by the time I get to that point, I will not be allowed to withdraw any of that money. So, why should I be forced to pay into a "retirement plan" where I am supposed to get ALL of that back someday, if I live long enough, when it is pretty much guaranteed that I won't ever see a dime? Basically you are asking me to pay for someone else's retirement, when I saved up and lived responsibly my whole life and they did not. I have no problem helping, but taking and giving to someone that squandered their time is not the same as helping.
And, don't give me this line about they were too poor. No one is too poor to save for their retirement. Now, you may be too poor for satellite tv, cell phones, McDonald's, etc AND a retirement, but not both. I see 25-40 patients a day that are on some form of government assistance. 90% wouldn't have to be on it if they could have some financial training. They all have smart phones. If you put that money every month towards a retirement plan you could easily retire without the aid of SS or raising taxes on me.
Heck, between welfare, cash assistance and food stamps, there are a lot of MEDICAL STUDENTS getting over $2,000 a month in assistance. You could easily save for retirement with that help from the government.