Obama's Social Security proposal - Some background here. I'm less interested in the debate over raising the income cap than whether Obama plans to pay that money back.
As I've written time and time again, when Franklin Delano Roosevelt set up Social Security, he understood the program would have no support if Americans knew that John D. Rockefeller was receiving a huge check every month proportional to the payroll taxes he paid into the system. Thus, the annual income that could be taxed - and thus the payroll taxes collected - was capped, limiting the maximum benefit that could be paid out to any American.
Social Security has always been a program where benefits have been proportional to the payroll taxes paid into the system. Is Obama going to maintain the proportional system and send huge monthly checks to Warren Buffett? Or does he plan to appropriate the new taxes and turn Social Security into another government welfare program? It's an either/or question, really.
Extra - A Stitch in Haste notices the same dilemma: "Will the additional taxes paid by those earning above the donut hole earn them additional Social Security benefits upon retirement?" There goes "universality."