> Or increase taxes? Social security taxation is limited to the first ~$120K of someone's income. Why? Because social security is billed as a retirement scheme

> Or increase taxes? Social security taxation is limited to the first ~$120K of someone's income. Why? Because social security is billed as a retirement scheme, not a wealth transfer scheme. The idea being that you get back out approximately what you get in. Since benefits are capped, payments necessarily are. If you want to change social security into an explicit wealth transfer scheme, expect heavy resistance.