If Congress did nothing but lift the cap entirely and therefore subjected all wages to the tax, Social Security would be financially balanced for 75 years, though the system would again face trouble after that, according to one economic analysis.
I do not have much of a problem with raising the ceiling on the amount of income that is subject to the payroll tax. Keep in mind, this proposal will not raise the rates, but will still vastly increase government revenues.
The only problem I have is that half of that tax is provided by businesses. So, this is sort of a stealth tax on businesses. And, as anyone who knows anything about economics can tell you, raising taxes on business ultimately leads to those businesses that are affected raising their prices accordingly.
So, this proposal is somewhat inflationary. (Of course, so is the federal budget deficit...)
But, if this is what it takes to get Dems and wavering Republicans to pass serious and needed Social Security reforms, then so be it.
IMO, of course...