Probably stupid question, but would lowering the Social Security tax rate but eliminating the income ceiling do, improve or makes things worse?

I see the tax rate is 12.4%, 6.2% each from employee and employer. Now how would it affect things if, let’s say as an example, the total rate was lowered to 10% and the income ceiling of $176k was removed and there was no ceiling anymore? I would think it would be an huge improvement, but maybe there are things I’m not thinking of.