Posted on 07/09/2012 10:45:50 PM PDT by tcrlaf
-Songwriter also has Austrian citizenship through her late father
-Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001
-House of Representatives committee later found Denise Rich had swayed the decision through donations to Clinton campaign
-Comes as the latest wealthy American to denounce citizenship
Denise Rich, the wealthy socialite and former wife of pardoned billionaire trader Marc Rich, has given up her U.S. citizenship - and, with it, much of her U.S. tax bill.
Rich, 68, a Grammy-nominated songwriter, top Democratic donor and glamorous figure in European royalty circles, renounced her American passport in November, according to her lawyer. Her maiden name, Denise Eisenberg, appeared in the Federal Register on April 30 in a quarterly list of Americans who renounced their U.S. citizenship and permanent residents who handed in their green cards.
By dumping her U.S. passport, Rich, who was born in Worcester, Massachusetts, likely will save tens of millions of dollars or more in U.S. taxes over the long haul, tax lawyers say.
She also has Austrian citizenship through her deceased father, said Michael Heidt, a lawyer in Hollywood, Florida, who represented her in a recent lawsuit. She plans to live in London.
Rich, who wrote songs recorded by Aretha Franklin, Mary J. Blige and Jessica Simpson, is the latest bold-faced name to join a wave of wealthy people renouncing their American citizenship. Facebook co-founder Eduardo Saverin gave up his U.S. passport to become a citizen of Singapore, an offshore tax haven, before the company's initial public offering in May.
(Excerpt) Read more at dailymail.co.uk ...
When Europe finally goes boom, she will be one of the first ones banging on the Embassy gates.
If you are in Europe and have the money, the passport to have is Swiss. Also, Michelle Bachmann has Swiss citizenship like her immediate family, but I have read she is trying to give it up.
But it's different in the UK. Here, if you come from overseas, and can prove strong links with overseas, and can prove that you are going to return to overseas, and can therefore establish a "domicile" overseas that is different from your "residency" in the UK – well, in that case, you are treated entirely differently for tax purposes. You pay tax on your income in the UK, like the rest of us; and you can remit capital to the UK; but your overseas income, as long as you keep it overseas, is out of the reach of the Inland Revenue.
What this policy amounts to, in practice, is that the UK has a gigantic sign hanging over it saying, "Rich People! Come and Live Here! You Won't Have to Pay Any Tax!" It is an extraordinary policy for any developed nation, and not one that anyone else has been tempted to adopt. Other countries have low tax rates to attract businesses – in the EU, Ireland and the Netherlands stand out – but the only countries that have anything even vaguely resembling the British policy towards the super-rich are places that are openly accepted as tax havens, such as Monaco and Switzerland.
America's tax policy is despicable and consequential.
I’ll get back to you when I think of a reason.
You can bet they'll still be hectoring us about how we need to share our wealth more, though.
Shortly after V Fosters death they learned VF had been making trips to Switzerland to meet with MR.
The scandal with Hazel O’Leary where no one, even congress, could find out where she was going or what she was doing was because of the WALL Jamie Gorilick erected.
O’Leary was meeting with Marc Rich (friend of mine knows MR, he got it straight from MR mouth that he was meeting with O’Leary) and they didn't want anyone to find out the way they found out about VF meeting with MR.
Marc Rich met with O’Leary in a town right on the Austria border with Hungary.
Had it not been for the Gorilick Wall that info would have been passed on by Interpol.
Marc Rich’s pardon was arranged by Eric Holder - http://www.nationalreview.com/articles/226728/unpardonable-holders-marc-rich-shuffle/andrew-c-mccarthy
Whether you have one million or two hundred million, you can find a way to overextend yourself. Whatever she saves, it’s for sure her advisors told her she absolutely can’t afford to give it up to Uncle Sam.
This woman could well be a “multimillionaire” yet on the verge of defaulting on her obligations.
In fact, there really is no other plausible explanation.
Having craped all over the bed, the libs now want out leaving us to clean up the mess (as usual). :(
This is known as “being hoisted on one’s own petard.”
I’d bet the “near-award-winning” Denise Rich is just plain greedy, like most upper class liberals. For them, money and or power really IS everything.
Socialists are all for sharing OTHER people’s wealth.
I don’t know about other republicans but I am trying to build a life-raft for me and the people of my State of Texas.
The democrats that can seem to be fleeing the monster they have created, as that monster increasingly seeks to consume them as well.
Look at the glare from Hillary as she looks at two BIG reasons to hate Denise.
Now if we could just rid this country of the “Kardashian” “Clan” we would be MUCH better off!
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