Social Security and Medicare should not have been funded with a payroll tax in the first place. Labor should be taxed at a lower rate than passive income not higher. Eliminate the payroll taxes and fund Social Security and Medicare from the general funds. Move any remaining funds in the trust funds to the general funds.

Let tax rates/deficits be dealt with in congress.

The rich have gotten a break on those payroll taxes forever. Why were these taxes limited only to a portion of income of high wage earners while lower wage earners had to pay those taxes on all their income.

Sure it will hurt to have fewer tax payers and fewer consumers but we will have fewer workers so less consumption will mean less need for workers, it sort of balances out and once the baby boomers die off that imbalance between workers and retirees will become smaller.