Why not raise the withholding limit for FICA?

Answer 1

Especially as at @110K a year it covers the overwhelming majority of workers, it just may not add that much to the coffers. More than that, the higher earners through life pay much more in and don't get (proportionally) the same amount back (Someone making 55K for life doesn't get half of what someone making 110K does...the higher earner gets a touch more).

But more importantly, wealthy people, those who (either by ability or responsibility) have saved and planned for their retirement, generally giving up things in life to do it then may have assets - investments and savings that produce income for them, which reduces (or effectively taxes) their social security payout compared to those who gave in less and gave up less.

Wouldn't it be better/fairer/financially more successful to tax those people who can't show they have some level (depending on age - say form 35 years old and more) of committed retirement savings to rely on other rather than only the payments from them system? (AND letting everyone that participated get an equal return).