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1) Social Security doesn't have a good enough return (which is why I conditionally support private accounts, just not in a way that will destroy the program)
2) The cap makes the taxes regressive

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Social security was origionally sold as a way to make sure old people had some money to live on through forced savings when they couldn't work anymore. To call it a regressive tax is ridiculous you shouldn't get more out then you paid in aside from a reasonable intrest level, if there was no cap top income earners would be getting a pathetic return on their supposed 'investment' Liberals just want to find more ways to facilitate the redistrabution of wealth. That's why I'm proposing a new plan, it's called a bank account put that 15% of all your income in a bank account and don't touch it till you're old enough to retire trust me if you're under 40 you'll be much better off then if you had paid it in to social security. The problem being of course that the elderly being a powerfull voting block have voted themselves a bunch of free cash and are getting far more back then they put in at the expense of the young, this trend can not continue and by the time I retire I'll be getting far less then I put in, but since the current payers of social security pay for the benifits of the current recipients (the government having long since spent the money they paid in) we're trapped in a vicious cycle.