Firstly, taking the cap off buys about 10-15 years before the eventual demographic crash of Social Security.
Secondly, it does so by raising taxes on everyone who (1) makes more than 118,000 and (2) actually makes their money from a pay check. The .1% will pretty much not have to pay one dime more.
(edit) From the SSA - “Pension payments, annuities, and the interest or dividends from your savings and investments are not earnings for Social Security purposes.”
I am sure there are lots of nurse anesthetists and fire lieutenants who will be pleased to know that you’ve promoted them from “working people” to the ranks of the “wealthy and powerful”.
