In an effort to make Social Security more fully funded and viable for future generations, please remove the wage cap rather than reducing the cost of living (COLA) with a chained CPI. The wage cap currently prevents earnings over $110,100.00 from being taxed. Removing the cap under FICA would allow these higher wages to be taxed the same as the wages under $110,100.00 are taxed for the benefit of Social Security funding.
(The wage cap is the maximum amount of compensation subject to tax under the Federal Insurance Contributions Act (FICA) for old age, survivors and disability insurance (OASDI) — typically called Social Security tax.)