Currently, only the first $176,100 of a worker's annual income is subject to the 6.2 percent Social Security payroll tax, which is matched by employers to make a total contribution of 12.4 percent. High earners pay no tax on income above that threshold. Removing this cap would mean those with higher incomes contribute more to the system.

Social Security stands as a vital pillar of financial support for millions of American retirees and seniors, providing a crucial safety net in their later years.