First, to acknowledge your fallacy. Yes, if I make $50,000 a year, I pay social security all year. But considering it's a flat 4.2% right now, I would still only pay $2,100 to the maximum of $4624.20. Is it fair that the rest of the income goes untaxed? That's debatable, but it doesn't make fiscal sense to allow that exemption to continue, considering how far in the hole the entire Social Security/Medicare/Medicaid systems are.
Ideally, I'd like to see that system eliminated entirely. If people are unwilling to prepare for retirement and the health care costs associated with aging, why am I forced to subsidize their poor planning? Of course, very few politicians, if any, are willing to say they want to eliminate the programs entirely.
With that said, at the bare minimum we need to rapidly increase the age of eligibility. It would need to be staggered so someone at age 64 right now expecting benefits at 65 doesn't suddenly have to wait 5 more years. When these programs were instated, the average human life expectancy was of course much lower. This needs to be adjusted - something has to give!
Or if nothing else, I feel like I am owed an "opt-out" option. I am responsible enough to plan for my retirement and health care needs, I do not need the government to take a flat percent of my life's wages, mismanage the money, and then give me a crappy return when I am eligible to receive benefits. If I die at age 55, that money will likely go to someone else. If I am allowed to invest it myself, I can at least pass along my investments to my family.
The entire system is unfair, and I hate being involved in a giant ponzi scheme with no way to get out.