a covered employer , subject to what modifications (if any). II Tax-exempt S.A.F.E. accounts 201. S.A.F.E. accounts (a) In general Part VII of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to additional itemized deductions for individuals) is amended by redesignating section 224 as section 225 and by inserting after section 223 the following new section: 224. S.A.F.E. accounts (a) Deduction allowed In the case of an individual, there shall be allowed as a deduction the aggregate amount paid in cash during the taxable year by or on behalf of such individual to a S.A.F.E. account of such individual. (b) Limitation The amount allowable as a deduction under subsection (a) for any taxable year shall not exceed 6.2 percent of the lesser of— (1) the contribution and benefit base (as determined under section 230 of the Social Security Act ) for the calendar year which ends with or within such taxable year, or (2) the sum of— (A) the amount of wages (as defined in section 3121(a)) received during such calendar year, and (B) the amount of the self-employment income (as defined in section 1402) of such individual for the taxable year. Effective with the commencement of the 16th calendar year for which the individual’s election under section 105 of the Savings Account for Every American Act of 2018 is effective, the limitation under the preceding sentence shall be increased by any prescribed employer contribution paid to a personal retirement account of such individual pursuant to section 102(b)(2)(B) of such Act and the portion of any prescribed self-employment contribution paid to such an account which is attributable to the increase in such contribution required by the last sentence of section 101(7) of such Act. (c) S.A.F.E. account For purposes of this section, the term S.A.F.E. account means a trust created or organized in the United States exclusively for the benefit of an individual or his beneficiaries, but only if the written governing instrument creating the trust meets the following