Skip to comments.Wealthy Socialite/Top Democratic Donor Denise Rich Renounces Her U.S. citizenship
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 ...
The Democrat-supporting Super-Rich are FLEEING the oppressive taxes of the U.S. (James Cameron did it, too) It seems they want to KEEP their own money, and don't want to give it to the Democrat Voters.
Hmmm... I wonder why I had to go the UK Daily Mail for this tidbit of news, instead of CBS/ABC/MSNBC/CNN/NBC/NPR/Pacifica/WashPost, or the NYTimes?
I can't IMAGINE why. Can you?
meanwhile the republicans rearrange the deck chairs
There are some interesting numbers below....at some point its gonna start looking like a bank run ...which is essentially what it is...
The Feds are desperately worried some of the 50% of the population they uses as cash cows to help them fund their delusions are catching on...and leaving....
Last year, almost 1,800 people followed Supermans lead, renouncing their U.S. citizenship or handing in their Green Cards. Thats a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. Its also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.
Even more alarming....in 1997 the list was ONLY 90 people renouncing...so that year, 2011, it was TWENTY times greater that in 1997...
I don’t get this. Aren’t UK taxes MUCH higher than U.S.? Especially at her level.
Hubby fled the country in 1983, after he was indicted in the United States on federal charges of tax evasion and illegally making oil deals with Iran during the Iran hostage crisis.
He was also directly involved in the BCCI scandal, laundering money for the Drug Cartels, and eventually costing the US taxpayers BILLIONS in bailouts.
Today he also holds Belgian, Israeli and Spanish passports.
She’s keeping her Austrian citizenship, apparently. Don’t know what kind of tax-exempt status she’ll have while living in London as an Austrian citizen.
I am old enough to remember the regimes of Prime Ministers Wilson and Heath.
Recall the Beatles’ song “Taxman”?
British entertainers and other wealthy were leaving the country in droves to avoid 90%+ tax rates.
Then came Mrs Thatcher.
But they did not have to renounce their citizenship. The USA is one of the few countries in the world that taxes you if you live and work outside the country.
What happens when they want to come back?....
I have a few ideas...
Rich Dems fleeing the country to protect their wealth....
Imagine the hypocrisy.
Where is she going? And right as the utopian hell she helped foist upon us is coming to fruition!
trying to get into the US and the never ending Big Brother gravy train. I don't see how they can keep the benefits up though if the job creators of this country start voting with their feet in massive numbers as I predict, starting with serious professions such as surgeons and nurses.
Good observation there, mo. They know this in their hearts, but what is even worse, they have COUNTER PLANS that would scare the piss out of any decent American. Wake up folks. It is going to turn into East Berlin!!! The US Congress is already enacting such legislation on Americans leaving the country out of fatigue of being tax beasts of burdens for the millions of societal, entitled parasite-voters of society the Dems have bred like rats.
Democrats love to show how compassionate and charitable they are with money extorted from others by the government.
Their own money? They keep it for themselves.
“Twenty times greater than in 1997”
And watch it jump by an even greater factor if 0bama slithers by to another win in November.
“I dont get this. Arent UK taxes MUCH higher than U.S.? Especially at her level.”
No, the UK is very popular with the super-rich because we let them keep most of their money:
Obama - The Great Outsourcer of American Wealth.
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!
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.)