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 |
| 2014 | 320 | 320 |
| 2015 | 306 | 306 |
| 2016 | 292 | 292 |
| 2017 | 277 | 277 |
| 2018 | 262 | 262 |
| 2019 | 248 | 248 |
| 2020 | 233 | 233 |
| 2021 | 219 | 219 |
| 2022 | 203 | 204 |
| 2023 | 187 | 188 |
| 2024 | 171 | 172 |
| 2025 | 154 | 156 |
| 2026 | 137 | 140 |
| 2027 | 119 | 123 |
| 2028 | 101 | 105 |
| 2029 | 83 | 88 |
| 2030 | 64 | 70 |
| 2031 | 44 | 51 |
| 2032 | 23 | 31 |
| 2033 | 2 | 11 |
| 2034 | -20 | -9 |
| 2035 | -42 | -30 |
| 2036 | -65 | -52 |
| 2037 | -88 | -74 |
| 2038 | -112 | -96 |
| 2039 | -136 | -118 |
| 2040 | -160 | -141 |
| 2041 | -185 | -164 |
| 2042 | -210 | -187 |
| 2043 | -235 | -210 |
| 2044 | -260 | -234 |
| 2045 | -285 | -257 |
| 2046 | -310 | -281 |
| 2047 | -336 | -305 |
| 2048 | -362 | -329 |
| 2049 | -388 | -353 |
| 2050 | -415 | -378 |
| 2051 | -442 | -403 |
| 2052 | -468 | -428 |
| 2053 | -495 | -453 |
| 2054 | -523 | -478 |
| 2055 | -550 | -503 |
| 2056 | -578 | -529 |
| 2057 | -606 | -556 |
| 2058 | -635 | -582 |
| 2059 | -664 | -610 |
| 2060 | -694 | -637 |
| 2061 | -725 | -666 |
| 2062 | -756 | -694 |
| 2063 | -787 | -724 |
| 2064 | -819 | -753 |
| 2065 | -852 | -784 |
| 2066 | -885 | -814 |
| 2067 | -918 | -846 |
| 2068 | -952 | -877 |
| 2069 | -987 | -909 |
| 2070 | -1022 | -942 |
| 2071 | -1057 | -976 |
| 2072 | -1094 | -1010 |
| 2073 | -1132 | -1045 |
| 2074 | -1171 | -1082 |
| 2075 | -1210 | -1119 |
| 2076 | -1251 | -1157 |
| 2077 | -1293 | -1196 |
| 2078 | -1335 | -1235 |
| 2079 | -1378 | -1275 |
| 2080 | -1421 | -1315 |
| 2081 | -1464 | -1355 |
| 2082 | -1507 | -1396 |
| 2083 | -1550 | -1436 |
| 2084 | -1593 | -1476 |
| 2085 | -1636 | -1517 |
| 2086 | -1680 | -1558 |
| 2087 | -1724 | -1599 |
| 2088 | -1769 | -1641 |
| 2089 | -1814 | -1684 |
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