See anything wrong with the following?
Social Security benefits and funding are not based on income but payroll earnings.
Regardless of total compensation, the benefits are not calculated on any earnings above the taxable wage base. In other words for the purpose of Social Security – unlike income taxes – everyone is on the same playing field as it should be. Social Security is supposed to be self-funding by citizens who benefit, not like a need based welfare program.
A worker earning $50,000 has a higher proportional SS benefit than a worker earning $200,000 for example.
The actual cash pay of CEOs is far lower than $20 million. In fact, many have a salary of $1 – and that is what their Social Security benefit would be based on.
Scraping the cap is meaningless and would simply raise taxes on the upper middle class.
One final point, extremely highly compensated CEOs are virtually limited to some within the S&P 500 companies. The average CEO compensation is far less than $1 million.
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