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 2029 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 2029, based on changes in the SSA average wage index.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2024 | 188 | 188 |
| 2025 | 171 | 171 |
| 2026 | 152 | 152 |
| 2027 | 134 | 134 |
| 2028 | 117 | 117 |
| 2029 | 101 | 101 |
| 2030 | 84 | 84 |
| 2031 | 68 | 69 |
| 2032 | 53 | 53 |
| 2033 | 37 | 38 |
| 2034 | 22 | 23 |
| 2035 | 7 | 8 |
| 2036 | -9 | -7 |
| 2037 | -26 | -23 |
| 2038 | -43 | -39 |
| 2039 | -60 | -55 |
| 2040 | -78 | -72 |
| 2041 | -96 | -88 |
| 2042 | -115 | -105 |
| 2043 | -135 | -123 |
| 2044 | -154 | -140 |
| 2045 | -174 | -158 |
| 2046 | -194 | -176 |
| 2047 | -215 | -194 |
| 2048 | -235 | -212 |
| 2049 | -256 | -230 |
| 2050 | -277 | -248 |
| 2051 | -299 | -267 |
| 2052 | -320 | -286 |
| 2053 | -342 | -305 |
| 2054 | -364 | -324 |
| 2055 | -386 | -343 |
| 2056 | -409 | -363 |
| 2057 | -431 | -383 |
| 2058 | -455 | -403 |
| 2059 | -478 | -424 |
| 2060 | -502 | -445 |
| 2061 | -527 | -467 |
| 2062 | -553 | -489 |
| 2063 | -579 | -512 |
| 2064 | -605 | -536 |
| 2065 | -632 | -560 |
| 2066 | -660 | -584 |
| 2067 | -688 | -609 |
| 2068 | -716 | -634 |
| 2069 | -745 | -659 |
| 2070 | -774 | -685 |
| 2071 | -803 | -711 |
| 2072 | -834 | -738 |
| 2073 | -864 | -765 |
| 2074 | -895 | -793 |
| 2075 | -927 | -822 |
| 2076 | -960 | -851 |
| 2077 | -993 | -881 |
| 2078 | -1027 | -911 |
| 2079 | -1062 | -942 |
| 2080 | -1098 | -974 |
| 2081 | -1134 | -1007 |
| 2082 | -1172 | -1040 |
| 2083 | -1209 | -1074 |
| 2084 | -1248 | -1109 |
| 2085 | -1287 | -1144 |
| 2086 | -1327 | -1179 |
| 2087 | -1368 | -1216 |
| 2088 | -1409 | -1252 |
| 2089 | -1450 | -1289 |
| 2090 | -1491 | -1325 |
| 2091 | -1532 | -1362 |
| 2092 | -1573 | -1397 |
| 2093 | -1612 | -1433 |
| 2094 | -1651 | -1467 |
| 2095 | -1689 | -1501 |
| 2096 | -1727 | -1534 |
| 2097 | -1764 | -1567 |
| 2098 | -1801 | -1600 |
| 2099 | -1838 | -1633 |
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