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 2028 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 2028, based on changes in the SSA average wage index.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 168 |
2026 | 149 | 149 |
2027 | 131 | 131 |
2028 | 114 | 114 |
2029 | 96 | 96 |
2030 | 78 | 78 |
2031 | 60 | 61 |
2032 | 43 | 44 |
2033 | 25 | 26 |
2034 | 7 | 9 |
2035 | -12 | -9 |
2036 | -31 | -27 |
2037 | -51 | -46 |
2038 | -70 | -65 |
2039 | -91 | -84 |
2040 | -112 | -103 |
2041 | -133 | -122 |
2042 | -154 | -142 |
2043 | -176 | -161 |
2044 | -198 | -181 |
2045 | -220 | -201 |
2046 | -243 | -220 |
2047 | -265 | -240 |
2048 | -288 | -260 |
2049 | -311 | -280 |
2050 | -333 | -300 |
2051 | -357 | -320 |
2052 | -380 | -340 |
2053 | -403 | -360 |
2054 | -427 | -380 |
2055 | -450 | -401 |
2056 | -474 | -421 |
2057 | -498 | -442 |
2058 | -522 | -463 |
2059 | -547 | -485 |
2060 | -572 | -507 |
2061 | -597 | -529 |
2062 | -623 | -552 |
2063 | -650 | -576 |
2064 | -677 | -600 |
2065 | -705 | -624 |
2066 | -733 | -649 |
2067 | -762 | -674 |
2068 | -791 | -700 |
2069 | -820 | -725 |
2070 | -850 | -752 |
2071 | -880 | -778 |
2072 | -911 | -806 |
2073 | -942 | -833 |
2074 | -974 | -861 |
2075 | -1006 | -890 |
2076 | -1039 | -919 |
2077 | -1074 | -950 |
2078 | -1108 | -981 |
2079 | -1144 | -1012 |
2080 | -1181 | -1045 |
2081 | -1218 | -1078 |
2082 | -1256 | -1111 |
2083 | -1294 | -1145 |
2084 | -1333 | -1180 |
2085 | -1373 | -1215 |
2086 | -1413 | -1250 |
2087 | -1453 | -1286 |
2088 | -1494 | -1321 |
2089 | -1534 | -1356 |
2090 | -1574 | -1391 |
2091 | -1613 | -1426 |
2092 | -1651 | -1460 |
2093 | -1689 | -1493 |
2094 | -1726 | -1525 |
2095 | -1762 | -1557 |
2096 | -1798 | -1588 |
2097 | -1833 | -1619 |
2098 | -1868 | -1649 |
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