I don’t understand why the CBO estimates changes to social security with two complicated paths— the first, raising the 250K cap to about 305 and then taxing only 90% of earnings, and the second, continuing to exempt income between 176K and 250K but then taxing incoming over 250K while keeping a benefit cab.
However, both of these methods dramatically reduce the deficit and increase the solvency of Social Security well into the future. And both methods only impact exceptionally high earners.
The most interesting reform would be something like no cap on the tax, and increase the benefit up to say, $1M in earnings. Maybe even include capital gains as subject to the employee side of Social Security taxes.
With these changes, we’d kick any problems with Social Security down the road at least another generation, maybe further.