I think they need to keep social security. For the simple reason that it provides a retirement income to those who either fail to plan or have their retirement wiped out through hard luck, economic distress, medical bills, etc.
The state/taxpayer picks up the tab for these people if there is not some kind of social security plan in place anyway. So I’m ok with a Federal minimum existence forced savings plan. I think it reduces the tax burden in the long run, by forcing workers to prepay for a minimal retirement.
But I think what they need to do is separate both the tax and the reporting along the lines of retirement, disability insurance premiums and indigent care.
The retirement funds should be treated like a retirement plan. Disability like an insurance plan. And people who have never paid into social security or exhausted their social security retirement fund under indigent care.
At least then we could clearly see where the money is going. And we could analyze it better.
I think we need to get rid of SS for the simple reason that politicians will always flush the money down the crapper.
Folks who fail to plan, are planning to fail. Forcing me to give money to politicians now for these failures is wrong. When the SHTF for these folks, the lock box will be empty and I'll be asked to pony up yet again.
What you are suggesting is charity for the stupid and unfortunate. I'm ok with that. But that's not what happens when you give money to politicians now expecting it to be there when needed later.
You need to find another vehicle for your charitable impulses than the government.