We need to stop the following and have a no wage earnings maximum. When you have wages or self-employment income that is covered by Social Security, you pay Social Security taxes each year up to a maximum amount that is set by law. That amount has changed frequently over the years.
For 2012, the maximum amount of taxable earnings is $110,100. In 2013, the maximum amount of taxable earnings will be $113,700.
The money paid each year to Social Security above the maximum amount of taxable earnings would save the system. All money taken in above the current maximum should be used to fund Social Security and maintain it for future generations.
Have a maximum on payout not maximum the amount of taxable earnings.