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" ... Vice President Biden’s tax and benefit reforms are highly progressive. They represent a very major net tax hike on the rich. Indeed, for the top 1 percent, the average lifetime net tax rate rises by 17 percent. The reforms provide small net benefits to the poor and middle class — benefits that could well be largely effaced by an outflow of capital associated with raising the corporate income tax. The reforms will, on average, put the richest and most productive workers in our economy in an extremely high marginal lifetime net tax bracket. This may deter the rich from working or working as hard as they would otherwise do. It may also induce them to spend more resources avoiding taxes. Our simulated outflow of capital will, according to the GGM, reduce output and wages over time by almost 2 percent. The progressive provision of extra Social Security benefits to those who live to age 78 and beyond may be of considerable assistance to the long-lived poor. ... "