Rather than cutting off social security deductions once an employee reaches $104,000 per year in salary (the cut off as of 2008), perhaps a better plan would be that every employee, regardless of their income pay into the system equally.
As it stands right now, minimum wage earners pay; Wait staff who generally make $2.10 per hour plus tips pay; Those earning minimum wage pay; I pay, you pay, our parents paid. Why not make everyone pay? Equally?
If the yearly wage were not capped, then every employee making from $2.10 per hour all the way up to hundreds of thousands of dollars per year would be paying into a system that some speculate will run out of money before the next generation is able to use it. It makes more sense to me that everyone pay equally and built up the fund rather than to make the lower and middle classes pay for something that will be of benefit to everyone at some point.
Just because a person is bringing down multiple hundreds of thousands of dollars a year, that doesn't mean they couldn't lose it all in the future and need to draw upon the very system that perhaps they didn't pay into at all.