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 2024 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 2024, based on changes in the SSA average wage index.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2019 | 273 | 273 |
| 2020 | 260 | 260 |
| 2021 | 245 | 245 |
| 2022 | 229 | 229 |
| 2023 | 213 | 213 |
| 2024 | 197 | 197 |
| 2025 | 180 | 180 |
| 2026 | 163 | 164 |
| 2027 | 147 | 148 |
| 2028 | 130 | 131 |
| 2029 | 114 | 116 |
| 2030 | 97 | 100 |
| 2031 | 80 | 84 |
| 2032 | 63 | 68 |
| 2033 | 46 | 52 |
| 2034 | 28 | 35 |
| 2035 | 10 | 19 |
| 2036 | -9 | 2 |
| 2037 | -28 | -16 |
| 2038 | -47 | -33 |
| 2039 | -67 | -51 |
| 2040 | -87 | -69 |
| 2041 | -108 | -88 |
| 2042 | -129 | -106 |
| 2043 | -150 | -125 |
| 2044 | -171 | -144 |
| 2045 | -192 | -162 |
| 2046 | -213 | -181 |
| 2047 | -234 | -199 |
| 2048 | -255 | -218 |
| 2049 | -276 | -236 |
| 2050 | -297 | -254 |
| 2051 | -318 | -272 |
| 2052 | -338 | -291 |
| 2053 | -359 | -309 |
| 2054 | -380 | -327 |
| 2055 | -401 | -346 |
| 2056 | -422 | -364 |
| 2057 | -444 | -383 |
| 2058 | -465 | -401 |
| 2059 | -487 | -420 |
| 2060 | -509 | -439 |
| 2061 | -531 | -459 |
| 2062 | -554 | -479 |
| 2063 | -577 | -499 |
| 2064 | -601 | -520 |
| 2065 | -625 | -541 |
| 2066 | -649 | -563 |
| 2067 | -674 | -584 |
| 2068 | -699 | -606 |
| 2069 | -724 | -629 |
| 2070 | -749 | -652 |
| 2071 | -776 | -675 |
| 2072 | -802 | -699 |
| 2073 | -830 | -723 |
| 2074 | -857 | -748 |
| 2075 | -885 | -773 |
| 2076 | -914 | -799 |
| 2077 | -944 | -825 |
| 2078 | -975 | -853 |
| 2079 | -1007 | -881 |
| 2080 | -1039 | -910 |
| 2081 | -1072 | -939 |
| 2082 | -1106 | -969 |
| 2083 | -1139 | -999 |
| 2084 | -1173 | -1029 |
| 2085 | -1207 | -1060 |
| 2086 | -1242 | -1090 |
| 2087 | -1275 | -1120 |
| 2088 | -1309 | -1150 |
| 2089 | -1342 | -1180 |
| 2090 | -1375 | -1209 |
| 2091 | -1407 | -1237 |
| 2092 | -1439 | -1266 |
| 2093 | -1471 | -1295 |
| 2094 | -1503 | -1323 |
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