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 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 |
| 2016 | 303 | 303 |
| 2017 | 293 | 293 |
| 2018 | 277 | 277 |
| 2019 | 262 | 262 |
| 2020 | 246 | 246 |
| 2021 | 231 | 231 |
| 2022 | 216 | 216 |
| 2023 | 200 | 200 |
| 2024 | 183 | 183 |
| 2025 | 165 | 167 |
| 2026 | 149 | 151 |
| 2027 | 132 | 134 |
| 2028 | 115 | 119 |
| 2029 | 98 | 103 |
| 2030 | 81 | 87 |
| 2031 | 64 | 70 |
| 2032 | 46 | 54 |
| 2033 | 27 | 37 |
| 2034 | 8 | 19 |
| 2035 | -11 | 2 |
| 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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