The report found while the cap adjusts each year with wages, rising income inequality has cut the amount of national income it covers, falling from 90 percent of earnings in 1982, to 85 percent in 2005.
The report found that raising the cap to once again cover 90 percent of all earnings - about $172,000 at the time - would only cover about 43 percent of the projected Social Security shortfall over the next 75 years. To make up the gap, payroll taxes would have to increase to a total of 13.49 percent.
A second option would be to completely eliminate the cap and tax all income.
Because benefits are calculated based on what a person paid into the system, this would result in larger benefits payments to wealthier people. For example, someone paying taxes on $400,000 a year would reap $72,000 in annual benefits in retirement.
In spite of that, the report found that 95 percent of Social Security's projected shortfall would be covered under this plan. Raising payroll taxes to 12.5 percent would ensure complete solvency over the next 75 years.
Finally, the report found that if Congress eliminated the tax cap, but said additional income taxed would not count toward additional benefits in retirement, the system would not only be fully funded over the next 75 years, but actually collect 15 percent more than it needed.
As a result, the current payroll tax rate could be trimmed to 12.12 percent and still keep the system solvent.
Because no one seemed to pay attention to scenarios laid out in the report in 2010, it's not likely anyone in Congress will it up this year. But it would still help to keep in mind that there are alternatives to just raising the current tax rates or cutting benefits for retirees.