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
2012340340
2013329329
2014315315
2015302302
2016290290
2017277277
2018265265
2019253253
2020240240
2021227227
2022212213
2023197198
2024181182
2025164166
2026147150
2027129133
2028110115
20299096
20307077
20314957
20322736
2033515
2034-18-7
2035-41-29
2036-65-51
2037-89-73
2038-114-96
2039-138-120
2040-163-143
2041-189-167
2042-215-191
2043-240-215
2044-266-239
2045-292-263
2046-319-288
2047-346-313
2048-373-338
2049-400-363
2050-428-389
2051-456-414
2052-484-440
2053-512-466
2054-540-492
2055-569-519
2056-598-546
2057-628-573
2058-657-600
2059-688-629
2060-719-657
2061-750-686
2062-782-715
2063-814-745
2064-847-775
2065-880-805
2066-913-836
2067-946-867
2068-980-898
2069-1014-929
2070-1049-961
2071-1084-993
2072-1120-1026
2073-1156-1060
2074-1193-1094
2075-1230-1128
2076-1268-1164
2077-1307-1199
2078-1346-1235
2079-1385-1272
2080-1425-1308
2081-1465-1346
2082-1505-1383
2083-1547-1421
2084-1588-1460
2085-1631-1499
2086-1673-1539
2087-1717-1579
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