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 Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2013330330
2014315315
2015301301
2016286286
2017271271
2018257257
2019244244
2020231231
2021218218
2022204204
2023189189
2024173174
2025158159
2026142144
2027125128
2028108112
20299095
20307177
20315259
20323140
20331120
2034-110
2035-32-20
2036-55-41
2037-78-62
2038-101-84
2039-124-106
2040-148-128
2041-172-150
2042-196-172
2043-220-195
2044-245-217
2045-269-240
2046-294-263
2047-319-286
2048-345-309
2049-371-333
2050-397-357
2051-423-381
2052-449-405
2053-476-429
2054-502-454
2055-530-478
2056-557-504
2057-585-529
2058-613-555
2059-642-582
2060-671-609
2061-701-636
2062-732-664
2063-763-693
2064-794-722
2065-826-751
2066-859-781
2067-892-811
2068-925-842
2069-959-873
2070-993-905
2071-1028-937
2072-1064-971
2073-1101-1005
2074-1139-1040
2075-1178-1075
2076-1217-1112
2077-1258-1149
2078-1299-1187
2079-1340-1226
2080-1382-1264
2081-1424-1303
2082-1466-1342
2083-1508-1380
2084-1550-1419
2085-1592-1459
2086-1635-1498
2087-1678-1538
2088-1722-1579
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