It's that time of year again. The IRS has published another year's worth of collections data and Action America has updated our annual feature article, The Economy Bomb - Ticking Down Faster, dealing with, among other things, the effects of our tax system on the movement of wealth.
Besides the new IRS collections data, there are a lot of other issues addressed in that article. Among the new information available in this year's installment of Economy Bomb, is data that we have compiled from the Forbes Magazine lists of the 400 Wealthiest Americans and the World's Billionaires. Since 1999, the number of billionaires in the US has grown at a rate that is just slightly larger than can be explained by inflation, while the number of billionaires worldwide has grown at a rate six times greater (22% vs. 132%).
That's just one of many pieces of coroborating information that indicates a rather sizable movement of wealth and the wealthy out of the US. Check out the article, to find out more about the consequences of this shift. Then come back here to discuss it.