Even though it may result in a larger defacto tax increase, I'd much rather up the SS cap than raise the top brackets income tax rate. However, to go along with that, I'd want to see Social Security taxes go into a seperate fund that is not part of the general revenue stream. If the amount of SS tax doesn't cover the pay outs for this year, it can borrow from the general fund. However, the general fund can't borrow from the SS fund. If there's leftover money in the SS fund at the end of the year, it just should roll over into the next year.
Without taking the increased money out of the hands of politicians so they can't just use it on other spending making it worthless to even call it a "SS tax", and without raising the level of benefits cutoff as well sa the tax, then I couldn't support a SS tax increase.
Ultimately however I still feel that should be a short term help to keep it solvent whlie we begin a phased removal of it over the next 30 to 50 years