This is why it has to be a phase-out. I think the only way to do it is to announce that from now on, no one will contribute to Social Security, and everyone who has contributed will get benefits based on the level they contributed; thus, a 25 year old will get obviously fewer benefits than a 60 year old.
Because you're not collecting social security tax any longer, it would need to be paid out of general revenues once the "trust fund" is exhausted, but although that's a bitter pill, it will get easier over time and is a choice that should be made.
Sounds like a good plan, tho continuing to pay benefits will be a Big Hit on the budget. Can we afford it? Especially if it means raising taxes.
Even if the tax isn’t called a SS tax, the taxpayers will know it is going to retirees and is essentially the same as the SS tax, but they won’t be getting any benefits from it. Will that be acceptable?