I don't like it. I don't like having a higher tax on earned income than unearned income, and lifting the cap is just an income tax, that has nothing to do with the benefits received. If you want to have general revenues subsidize SS, just do it by raising income taxes in general on a progressive basis.
A cost of living adjustment that gets into the cost of medical care, when most of it is subsidized for elderly, seems a mistake too. I prefer the chained CPI fix, counting as taxable income a higher percentage of the benefits, and maybe cutting them back on a means tested basis if necessary to make the program solvent.
What Torie said. This is basically a back door way to raise wages on the upper middle class without touching the super rich.
