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 employer an excise tax, with respect to having individuals in his employ, equal to the following percentages of the wages (as defined in section 3121(a)) paid by the employer 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. . (c) Self-Employment Income Subsection (a) of section 1401 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 shall be imposed for each taxable year, on the self-employment income of every individual, a tax equal to the following percentages of the amount of the self-employment income for such taxable year: In cases of wages The rate of tax  received during: shall be: 1990 or any calendar year before 2020 12.40 percent 2020 12.50 percent 2021 12.60 percent 2022 12.70 percent 2023 12.80 percent 2024 12.90 percent 2025 13.00 percent 2026 13.10 percent 2027 13.20 percent 2028 13.30 percent 2029 13.40 percent 2030 13.50 percent 2031 13.60 percent 2032 13.70 percent 2033 13.80 percent 2034 13.90 percent 2035 14.00 percent 2036 14.10 percent 2037 14.20 percent 2038 14.30 percent 2039 14.40 percent 2040 14.50 percent 2041 14.60 percent 2042 14.70 percent Any calendar year after 2042