Remove the cap on earnings subject to payroll (social security) taxation and take social security reform "off the table" as it does not contribute to the deficit.
Why is this important?
As a CPA I am amazed at how few people know that social security tax applies only to the first $110,000 of earned income. Even though this "cap" will rise in 2013 to a little over $113,000, people don't realize that higher income earners are only taxed on this amount and that any amount they earn over the cap does not have to pay social security tax. Removing the "cap" and taxing all levels of earned income would go a long way to mitigating any shortages in the social security trust fund in the future.