Proposed Provision: E2.12. Eliminate the taxable maximum in years 2038 and later. Phase in elimination by taxing all earnings above the current-law taxable maximum at: 1.24 percent in 2029, 2.48 percent in 2030, and so on, up to 12.40 percent in 2038. Provide benefit credit for earnings above the current-law taxable maximum. Create a new bend point at the current-law taxable maximum with a 3 percent formula factor applying above the new bend point.