; and (iv) the term excess self-employment income means that portion of the self-employment income of an individual credited to a year after 2018 in excess of the higher of $400,000 or such contribution and benefit base. . (c) Conforming amendment Section 215(e)(1) of the Social Security Act ( 42 U.S.C. 415(e)(1) ) is amended by inserting and before 2019 after after 1974 . (d) Effective date The amendments made by this section shall apply with respect to individuals who initially become eligible (within the meaning of section 215(a)(3)(B) of the Social Security Act) for old-age or disability insurance benefits under title II of the Social Security Act, or who die (before becoming eligible for such benefits), in any calendar year after 2018. 203. Adjustment to the Social Security insurance contribution (a) Tax on Employees Subsection (a) of section 3101 of the Internal Revenue Code of 1986 is amended to read as follows: (a) Old-Age, survivors, and disability insurance In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to the following percentages of the wages (as defined in section 3121(a)) received by the individual with respect to employment (as defined in section 3121(b)): In cases of wages The rate of tax  received during: shall be: 1990 or any calendar year before 2020 6.20 percent 2020 6.25 percent 2021 6.30 percent 2022 6.35 percent 2023 6.40 percent 2024 6.45 percent 2025 6.50 percent 2026 6.55 percent 2027 6.60 percent 2028 6.65 percent 2029 6.70 percent 2030 6.75 percent 2031 6.80 percent 2032 6.85 percent 2033 6.90 percent 2034 6.95 percent 2035 7.00 percent 2036 7.05 percent 2037 7.10 percent 2038 7.15 percent 2039 7.20 percent 2040 7.25 percent 2041 7.30 percent 2042 7.35 percent Any calendar year after 2042 7.40 percent. . (b) Tax on Employers Subsection (a) of section 3111 of the Internal Revenue Code of 1986 is amended to read as follows: (a) Old-Age, survivors, and disability insurance In addition to other taxes, there is hereby imposed on every