Proposed Provision: Reduce individual Social Security benefits if modified adjusted gross income, or MAGI (AGI less taxable Social Security benefits plus nontaxable interest income) is above $60,000 for single taxpayers or $120,000 for taxpayers filing jointly. This provision is effective for individuals newly eligible for benefits in 2020 or later. The percentage reduction increases linearly up to 50 percent for single/joint filers with MAGI of $180,000/$360,000 or above. Index the MAGI thresholds for years after 2020, based on changes in the SSA average wage index.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2013330330
2014315315
2015301301
2016286286
2017271271
2018257257
2019244244
2020231231
2021218218
2022204204
2023189190
2024173175
2025158160
2026142145
2027125129
2028108113
20299096
20307178
20315260
20323141
20331122
2034-112
2035-32-19
2036-55-39
2037-78-60
2038-101-82
2039-124-104
2040-148-126
2041-172-148
2042-196-170
2043-220-192
2044-245-215
2045-269-238
2046-294-260
2047-319-283
2048-345-307
2049-371-330
2050-397-354
2051-423-378
2052-449-402
2053-476-426
2054-502-451
2055-530-476
2056-557-501
2057-585-526
2058-613-552
2059-642-579
2060-671-606
2061-701-633
2062-732-661
2063-763-689
2064-794-718
2065-826-748
2066-859-777
2067-892-808
2068-925-838
2069-959-870
2070-993-901
2071-1028-934
2072-1064-967
2073-1101-1001
2074-1139-1036
2075-1178-1072
2076-1217-1108
2077-1258-1146
2078-1299-1183
2079-1340-1222
2080-1382-1260
2081-1424-1299
2082-1466-1338
2083-1508-1376
2084-1550-1415
2085-1592-1454
2086-1635-1494
2087-1678-1534
2088-1722-1574
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