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 ...
From what I’ve seen, the Kardashians are hard core capitalists. Living off the weak and stupid in society, but AFAIK Baraq hasn’t issued any laws forcing anybody to pay attention to them.
I’m sure this won’t stop her from voting several times next election.
“Michelle Bachmann has Swiss citizenship like her immediate family, but I have read she is trying to give it up.”
I don’t see why she should. It was a birthright and not something she sought out so she’s done nothing wrong except in the eyes of the Democrats whose eyes I’d like to collectively gouge out with a fork.
There are countries and territories around the world that have very low tax rates and I think some have no taxes.I guess they allow certain people,perhaps just the rich,to settle.The thing with renouncing US citizenship is that the US is the only civilized nation on earth that taxes its citizens on *worldwide* income regardless of where they might be living.Most countries don't do that.So as an Austrian she can probably live in one of these places and pay little or nothing in taxes to Austria *or* the country in which she settled.
I agree with you. I wish she hadn't gotten intimidated by the political criticism.
the middle class won't have any options except to just leave everything behind....
don't forget that certain rats have already brooched the subject of raiding retirement accounts aka Ira's and 401's....
but, there are still people who deny this...
Was that at Madame Tussade’s for the unveiling of the wax piece on Michael Jackson??
You indeed read the tea leaves very well, fellow Freeper. It takes insight to see these things coming, as often the signposts are subtle, very subtle indeed, and nobody broadcasts in a loud voice what they are doing—while they are doing it. (Quietly and slowly shifting assets out of the country, storing with relatives or in banks that cannot be touched by ReichsIRS, etc. etc.)
I am trying to build a life-raft for me and the people of my State of Texas.
I saw this the other day and meant to respond. It just sounded interested and I wondered what you meant.
We definitely do need a life raft, that’s for sure.
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