Some people think that if we remove that cap, more money will be coming in and solve the problem of running out of money.
There are several problems with that.
1. Benefits are based on contributions. If a person like Gates pays in millions or hundreds of billions, what kind of benefits will he get? If he doesn't get more, it ruins the model and it just becomes another welfare program.
2. Rich people will adapt. Medicare contributions are 1.45%, if self employed 2.9%. There is no cap. If a person has a salary of $10M, they pay $190K and so does their employer. Of course they don't want to do that. So, if they own the company they work for, they take a smaller wage and the company pays them dividends. No medicare tax on that. So, folks will use that method to get out of paying social security tax as well.
I don't know the answer, but the longer they wait, the harder it will be to fix.