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 2025 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 |
| 2020 | 261 | 261 |
| 2021 | 248 | 248 |
| 2022 | 233 | 233 |
| 2023 | 217 | 217 |
| 2024 | 200 | 200 |
| 2025 | 183 | 183 |
| 2026 | 165 | 165 |
| 2027 | 148 | 148 |
| 2028 | 130 | 130 |
| 2029 | 112 | 113 |
| 2030 | 94 | 95 |
| 2031 | 76 | 78 |
| 2032 | 58 | 60 |
| 2033 | 39 | 43 |
| 2034 | 20 | 25 |
| 2035 | 1 | 7 |
| 2036 | -19 | -11 |
| 2037 | -38 | -30 |
| 2038 | -59 | -48 |
| 2039 | -80 | -67 |
| 2040 | -101 | -86 |
| 2041 | -122 | -106 |
| 2042 | -144 | -125 |
| 2043 | -166 | -145 |
| 2044 | -188 | -165 |
| 2045 | -210 | -185 |
| 2046 | -232 | -205 |
| 2047 | -255 | -225 |
| 2048 | -277 | -245 |
| 2049 | -299 | -264 |
| 2050 | -322 | -284 |
| 2051 | -344 | -304 |
| 2052 | -367 | -324 |
| 2053 | -389 | -344 |
| 2054 | -412 | -364 |
| 2055 | -434 | -384 |
| 2056 | -457 | -404 |
| 2057 | -480 | -425 |
| 2058 | -504 | -445 |
| 2059 | -527 | -466 |
| 2060 | -551 | -487 |
| 2061 | -575 | -509 |
| 2062 | -599 | -531 |
| 2063 | -624 | -553 |
| 2064 | -650 | -575 |
| 2065 | -676 | -598 |
| 2066 | -702 | -622 |
| 2067 | -728 | -645 |
| 2068 | -755 | -669 |
| 2069 | -782 | -694 |
| 2070 | -809 | -718 |
| 2071 | -837 | -744 |
| 2072 | -866 | -770 |
| 2073 | -895 | -796 |
| 2074 | -925 | -823 |
| 2075 | -955 | -850 |
| 2076 | -986 | -878 |
| 2077 | -1018 | -907 |
| 2078 | -1051 | -936 |
| 2079 | -1084 | -967 |
| 2080 | -1119 | -998 |
| 2081 | -1154 | -1030 |
| 2082 | -1190 | -1062 |
| 2083 | -1226 | -1095 |
| 2084 | -1263 | -1128 |
| 2085 | -1300 | -1161 |
| 2086 | -1337 | -1195 |
| 2087 | -1374 | -1228 |
| 2088 | -1411 | -1262 |
| 2089 | -1448 | -1295 |
| 2090 | -1484 | -1327 |
| 2091 | -1520 | -1359 |
| 2092 | -1554 | -1390 |
| 2093 | -1589 | -1421 |
| 2094 | -1623 | -1452 |
| 2095 | -1657 | -1482 |
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