Raising the cap to $250k would extend the trust for about 20 years if there were no other changes in that time, after which benefits would drop about 20%. But that's 20 years to seek additional solutions, like a wealth tax or cutting waste out of the bloated military budget.
But those solutions don't affect Soc Sec. That would req a law to authorize funding of Soc Sec with income taxes. 1) Eliminate the cap 2) Reduce increase in benefits for high earners, resulting from cap elimination 3) Make pass through income subject to the tax. Those 3 get us close if not fixed.
How does raising the cap to $250k of wages not affect SS? This has been analyzed by multiple entities including the CBO with the results I mentioned. Benefits remain capped as they are, income increases, and the trust fund gets extra years before risk of running out.
No the part about the defense budget and the wealth tax (which will never happen).