On the day Congress recessed for the summer, bipartisan legislation was introduced in the U.S. House of Representatives that would substantially increase the current payroll cap on Social Security taxes.

The Save Our Social Security Act, introduced by Rep. Reid Ribble (R-Wis.), has four other Republican cosponsors, along with one Democrat.

Under existing law, the 12.4% Social Security tax applies to the first $118,500 of earners’ wages. The S.O.S. Act would raise that to $156,550 for fiscal year 2017, $194,600 in 2018, $232,650 in 2019, $270,700 in 2020, and $308,750 in 2021.

The proposed legislation would also raise full retirement from age 67 to 69, which would be phased in beginning in 2022 over the course of the subsequent 12 years. The maximum retirement age would be increased from 70 to 72.

Those provisions, along with changes to how benefits are calculated, and how cost of living adjustments are indexed to inflation, would put the Social Security program on the road to solvency, “with all scheduled benefits fully payable on time” during a 75-year projection period, according to actuaries at the Social Security Administration, which scored the proposed legislation.

SSA’s latest trustee report shows that, under existing law, beneficiaries can expect a 21% reduction in scheduled benefits beginning in 2034, when the combined trust fund reserves of the Old-Age and Survivors Insurance, or OASI program, which pays benefits to retirees, and the Disability Insurance program, which covers disabled workers and its beneficiaries, are depleted.

Calls to address Social Security’s solvency issues with tax increases have been common from Democrats over the past decade.

But Republican lawmakers have focused proposals on partially privatizing the Social Security trust fund to give individuals greater control over how their Social Security taxes are invested.