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 2022 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 2022, based on changes in the SSA average wage index.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2017 | 298 | 298 |
| 2018 | 287 | 287 |
| 2019 | 273 | 273 |
| 2020 | 259 | 259 |
| 2021 | 245 | 245 |
| 2022 | 230 | 230 |
| 2023 | 215 | 215 |
| 2024 | 199 | 199 |
| 2025 | 182 | 183 |
| 2026 | 165 | 167 |
| 2027 | 148 | 150 |
| 2028 | 130 | 133 |
| 2029 | 112 | 116 |
| 2030 | 94 | 99 |
| 2031 | 75 | 82 |
| 2032 | 56 | 64 |
| 2033 | 37 | 45 |
| 2034 | 16 | 27 |
| 2035 | -4 | 7 |
| 2036 | -26 | -12 |
| 2037 | -47 | -33 |
| 2038 | -70 | -53 |
| 2039 | -92 | -74 |
| 2040 | -115 | -95 |
| 2041 | -138 | -116 |
| 2042 | -161 | -137 |
| 2043 | -184 | -158 |
| 2044 | -207 | -179 |
| 2045 | -230 | -200 |
| 2046 | -253 | -220 |
| 2047 | -276 | -241 |
| 2048 | -300 | -262 |
| 2049 | -323 | -283 |
| 2050 | -346 | -304 |
| 2051 | -370 | -325 |
| 2052 | -393 | -346 |
| 2053 | -417 | -367 |
| 2054 | -440 | -388 |
| 2055 | -464 | -409 |
| 2056 | -487 | -431 |
| 2057 | -511 | -452 |
| 2058 | -536 | -474 |
| 2059 | -560 | -496 |
| 2060 | -585 | -519 |
| 2061 | -611 | -542 |
| 2062 | -637 | -565 |
| 2063 | -663 | -589 |
| 2064 | -690 | -613 |
| 2065 | -717 | -638 |
| 2066 | -745 | -662 |
| 2067 | -772 | -688 |
| 2068 | -801 | -713 |
| 2069 | -829 | -739 |
| 2070 | -858 | -765 |
| 2071 | -888 | -792 |
| 2072 | -918 | -820 |
| 2073 | -949 | -848 |
| 2074 | -981 | -877 |
| 2075 | -1014 | -907 |
| 2076 | -1047 | -937 |
| 2077 | -1082 | -969 |
| 2078 | -1117 | -1001 |
| 2079 | -1153 | -1034 |
| 2080 | -1190 | -1067 |
| 2081 | -1227 | -1100 |
| 2082 | -1264 | -1134 |
| 2083 | -1300 | -1167 |
| 2084 | -1337 | -1201 |
| 2085 | -1374 | -1234 |
| 2086 | -1410 | -1267 |
| 2087 | -1446 | -1300 |
| 2088 | -1483 | -1333 |
| 2089 | -1520 | -1367 |
| 2090 | -1557 | -1401 |
| 2091 | -1595 | -1435 |
| 2092 | -1633 | -1470 |
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