The FIA have found that Red Bull committed a "minor overspend" in 2021, when they broke the $145 million cap by 5%, which is around $7.2 million.
Other F1 teams have called upon the governing body to meet out strict punishments for the breach, while Steiner wants to see the "minor overspend" threshold lowered.
"It should be smaller, in my opinion, now thinking about it," Steiner said.
"I call it now a $140 million budget cap, 5% is seven million. But in the $140 million, you have got certain expenses which you cannot change.
"So these expenses are not seven million on development - these expenses, 5% on the development, it's a bigger number. The percentage is the same, but it makes a bigger difference.
"I think we have to rethink that one when the next Concorde Agreement is written.
"There is no leeway any more in how they present their stuff, you need to do a good job.
"It's not only the finance people, it's the people on the car like with the car parts you use and all that data. It's hard work to get these all in order.
"So it's not an easy task."