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 2028 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 2028, based on changes in the SSA average wage index.

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

Year Current Law Provision
2023204204
2024187187
2025168168
2026149149
2027131131
2028114114
20299696
20307878
20316061
20324344
20332526
203479
2035-12-9
2036-31-27
2037-51-46
2038-70-65
2039-91-84
2040-112-103
2041-133-122
2042-154-142
2043-176-161
2044-198-181
2045-220-201
2046-243-220
2047-265-240
2048-288-260
2049-311-280
2050-333-300
2051-357-320
2052-380-340
2053-403-360
2054-427-380
2055-450-401
2056-474-421
2057-498-442
2058-522-463
2059-547-485
2060-572-507
2061-597-529
2062-623-552
2063-650-576
2064-677-600
2065-705-624
2066-733-649
2067-762-674
2068-791-700
2069-820-725
2070-850-752
2071-880-778
2072-911-806
2073-942-833
2074-974-861
2075-1006-890
2076-1039-919
2077-1074-950
2078-1108-981
2079-1144-1012
2080-1181-1045
2081-1218-1078
2082-1256-1111
2083-1294-1145
2084-1333-1180
2085-1373-1215
2086-1413-1250
2087-1453-1286
2088-1494-1321
2089-1534-1356
2090-1574-1391
2091-1613-1426
2092-1651-1460
2093-1689-1493
2094-1726-1525
2095-1762-1557
2096-1798-1588
2097-1833-1619
2098-1868-1649
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