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 2021 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 2021, based on changes in the SSA average wage index.

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

Year Present Law Provision
2016303303
2017293293
2018277277
2019262262
2020246246
2021231231
2022216216
2023200200
2024183183
2025165167
2026149151
2027132134
2028115119
202998103
20308187
20316470
20324654
20332737
2034819
2035-112
2036-30-16
2037-50-35
2038-71-53
2039-91-72
2040-112-91
2041-133-110
2042-154-129
2043-176-149
2044-197-168
2045-218-187
2046-240-207
2047-262-226
2048-283-246
2049-305-265
2050-327-285
2051-349-305
2052-371-324
2053-393-344
2054-415-364
2055-437-384
2056-460-404
2057-482-424
2058-506-445
2059-529-466
2060-553-488
2061-578-510
2062-603-533
2063-628-555
2064-654-579
2065-680-602
2066-706-626
2067-733-651
2068-760-676
2069-788-701
2070-816-726
2071-845-753
2072-874-779
2073-905-807
2074-935-835
2075-967-864
2076-1000-894
2077-1033-924
2078-1068-956
2079-1102-987
2080-1138-1019
2081-1173-1052
2082-1208-1084
2083-1243-1116
2084-1279-1148
2085-1314-1180
2086-1349-1212
2087-1384-1244
2088-1419-1276
2089-1455-1309
2090-1491-1342
2091-1528-1376
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