While I always enjoyed having that extra ~6.25% in my paycheck after I hit the limit every year, it didn't make any material difference in my spending/saving or quality of life.
I expect that's the case for most (if not all) folks who exceed that limit.
And since removing those limits would keep the US social security and medicare chugging along nicely for the next 50 years or so, while not doing so will require cuts in benefits within a decade or so.
While it's not a certainty, it's more likely that we'll come up with better ways to fund healthcare in 50 years rather than in ten.
As such, it makes sense to remove those wage limits on FICA[0] payroll taxes.
It seems so wasteful. Its a terrible deal for everyone involved, really. Those who made a lot of money and had to pay a lot into SS made terrible returns and would have been better off investing the money. Those who only made a little, and only paid in a little, do not get paid enough to live off of anyway and would have been better off seeing that money in their paycheck.
The only people who benefited from SS were the people retiring soon after is was implemented. Everyone else is worse off, but nobody wants to get rid of it because then they won't get to collect.