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 Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201312.712.713.913.9
201412.812.814.014.0
201512.912.914.014.0
201612.912.913.913.9
201712.912.913.913.9
201812.912.913.913.9
201912.912.914.114.1
202013.013.014.314.3
202113.013.014.414.4
202213.013.014.714.7
202313.013.015.014.9
202413.113.115.215.2
202513.113.115.515.4
202613.113.115.715.6
202713.113.115.915.8
202813.113.116.116.0
202913.113.116.316.1
203013.113.116.516.3
203113.113.116.616.4
203213.113.116.816.5
203313.213.116.916.6
203413.213.116.916.6
203513.213.117.016.7
203613.213.217.016.7
203713.213.217.016.7
203813.213.217.016.7
203913.213.217.016.6
204013.213.217.016.6
204113.213.216.916.6
204213.213.216.916.5
204313.213.216.916.5
204413.213.216.816.5
204513.213.216.816.4
204613.213.216.816.4
204713.213.216.816.4
204813.213.216.816.4
204913.213.216.816.4
205013.213.216.816.4
205113.213.216.816.4
205213.213.216.816.4
205313.213.216.816.4
205413.213.216.916.5
205513.213.216.916.5
205613.213.217.016.5
205713.213.217.016.6
205813.213.217.016.6
205913.213.217.116.7
206013.213.217.116.7
206113.213.217.216.8
206213.213.217.216.8
206313.213.217.316.8
206413.213.217.316.9
206513.213.217.416.9
206613.213.217.417.0
206713.213.217.417.0
206813.213.217.517.1
206913.213.217.517.1
207013.213.217.617.2
207113.213.217.617.2
207213.213.217.717.2
207313.213.217.717.3
207413.213.217.717.3
207513.213.217.717.3
207613.213.217.717.3
207713.213.217.717.3
207813.213.217.717.3
207913.213.217.717.3
208013.213.217.817.3
208113.213.217.817.3
208213.213.217.817.4
208313.213.217.817.4
208413.213.217.917.4
208513.213.217.917.5
208613.213.218.017.5
208713.213.218.017.6
208813.213.218.117.6
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