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 |
| 2015 | 308 | 308 |
| 2016 | 298 | 298 |
| 2017 | 280 | 280 |
| 2018 | 264 | 264 |
| 2019 | 248 | 248 |
| 2020 | 233 | 233 |
| 2021 | 219 | 219 |
| 2022 | 204 | 204 |
| 2023 | 189 | 189 |
| 2024 | 173 | 174 |
| 2025 | 157 | 159 |
| 2026 | 142 | 144 |
| 2027 | 126 | 129 |
| 2028 | 110 | 114 |
| 2029 | 94 | 99 |
| 2030 | 77 | 84 |
| 2031 | 60 | 67 |
| 2032 | 42 | 50 |
| 2033 | 23 | 33 |
| 2034 | 4 | 15 |
| 2035 | -16 | -3 |
| 2036 | -36 | -22 |
| 2037 | -57 | -41 |
| 2038 | -78 | -61 |
| 2039 | -100 | -81 |
| 2040 | -122 | -101 |
| 2041 | -144 | -121 |
| 2042 | -166 | -142 |
| 2043 | -189 | -162 |
| 2044 | -211 | -183 |
| 2045 | -234 | -204 |
| 2046 | -257 | -225 |
| 2047 | -280 | -246 |
| 2048 | -303 | -268 |
| 2049 | -327 | -289 |
| 2050 | -351 | -311 |
| 2051 | -375 | -333 |
| 2052 | -398 | -354 |
| 2053 | -423 | -377 |
| 2054 | -447 | -399 |
| 2055 | -472 | -421 |
| 2056 | -496 | -444 |
| 2057 | -522 | -467 |
| 2058 | -548 | -491 |
| 2059 | -574 | -515 |
| 2060 | -601 | -540 |
| 2061 | -629 | -565 |
| 2062 | -657 | -591 |
| 2063 | -685 | -617 |
| 2064 | -714 | -644 |
| 2065 | -744 | -671 |
| 2066 | -774 | -699 |
| 2067 | -804 | -727 |
| 2068 | -835 | -755 |
| 2069 | -867 | -785 |
| 2070 | -899 | -814 |
| 2071 | -932 | -845 |
| 2072 | -965 | -876 |
| 2073 | -1000 | -908 |
| 2074 | -1035 | -941 |
| 2075 | -1072 | -975 |
| 2076 | -1110 | -1010 |
| 2077 | -1148 | -1045 |
| 2078 | -1188 | -1082 |
| 2079 | -1228 | -1119 |
| 2080 | -1268 | -1156 |
| 2081 | -1309 | -1194 |
| 2082 | -1350 | -1232 |
| 2083 | -1391 | -1270 |
| 2084 | -1432 | -1308 |
| 2085 | -1472 | -1346 |
| 2086 | -1514 | -1384 |
| 2087 | -1555 | -1422 |
| 2088 | -1597 | -1461 |
| 2089 | -1640 | -1501 |
| 2090 | -1683 | -1541 |
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