Proposed Provision: B7.7. 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 2025 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 2024, based on changes in the SSA average wage index.

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

Year Current Law Provision
2020261261
2021248248
2022233233
2023217217
2024200200
2025183183
2026165165
2027148148
2028130130
2029112113
20309495
20317678
20325860
20333943
20342025
203517
2036-19-11
2037-38-30
2038-59-48
2039-80-67
2040-101-86
2041-122-106
2042-144-125
2043-166-145
2044-188-165
2045-210-185
2046-232-205
2047-255-225
2048-277-245
2049-299-264
2050-322-284
2051-344-304
2052-367-324
2053-389-344
2054-412-364
2055-434-384
2056-457-404
2057-480-425
2058-504-445
2059-527-466
2060-551-487
2061-575-509
2062-599-531
2063-624-553
2064-650-575
2065-676-598
2066-702-622
2067-728-645
2068-755-669
2069-782-694
2070-809-718
2071-837-744
2072-866-770
2073-895-796
2074-925-823
2075-955-850
2076-986-878
2077-1018-907
2078-1051-936
2079-1084-967
2080-1119-998
2081-1154-1030
2082-1190-1062
2083-1226-1095
2084-1263-1128
2085-1300-1161
2086-1337-1195
2087-1374-1228
2088-1411-1262
2089-1448-1295
2090-1484-1327
2091-1520-1359
2092-1554-1390
2093-1589-1421
2094-1623-1452
2095-1657-1482
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