The sensible answer is to raise the Social Security wage base, or the maximum income on which FICA is calculated. This allows the wealthy to contribute their fair share.
It's been raised before. I hit that limit once decades ago when it was around 60K/year. Then it was raised and I never hit the limit again.
It seemed nice when I received a paycheck with no FICA removed, but I don't know any good reason for that limit to exist.