; and (3) by inserting after subsection (b) the following new subsection: (c) Adjustment to OASDI tax (1) Reduction In the case of an eligible individual (as defined in section 101(4) of the Savings Account for Every American Act of 2018 ), for taxable years beginning with or during the 1st 15 calendar years for which such individual’s election is in effect under section 105 of such Act, the rate of tax under subsection (a) shall be 6.20 percent. (2) Exemption In the case of such an eligible individual, effective for taxable years beginning with or during the 16th calendar year for which such individual’s election under such section 105 is effective, subsection (a) shall not apply. . (d) Effective date The amendments made by this section shall apply with respect to wages received on or after the first day of the first calendar year beginning after the date of enactment of this Act, and with respect to self-employment income for taxable years beginning after such first day. 302. Exclusion of eligible individuals from old-age, survivors, and disability insurance coverage (a) Monthly insurance benefits under Section 202 Section 202 of the Social Security Act ( 42 U.S.C. 402 ) is amended by adding at the end the following new subsection: (aa) Limitation on payment to eligible individuals under Savings Account for Every American Act of 2018 (1) Notwithstanding any other provision of this title, no monthly benefits shall be paid under this section based on the wages and self-employment income of an eligible individual (as defined in section 101(4) of the Savings Account for Every American Act of 2018 ). (2) Determinations of entitlement to hospital insurance benefits under section 226 or 226A shall be made without regard to paragraph (1). . (b) Disability insurance benefits under Section 223 Section 223 of such Act ( 42 U.S.C. 423 ) is amended by adding at the end the following new subsection: (k) Limitation on payment to eligible individuals under Savings Account for every American Act of 2007 (1) Notwithstanding any