Wealthy socialite and top Democratic donor Denise Rich denounces her U.S. citizenship - saving her t

[Huey P. Long]

This discussion thread was locked as off-topic by maddezmom (a host of the Latest Breaking News forum).

Source: Dailymail UK



Wealthy socialite and top Democratic donor Denise Rich denounces her U.S. citizenship - saving her tens of millions of dollars in taxes
•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

PUBLISHED: 09:43 EST, 9 July 2012 | UPDATED: 11:06 EST, 9 July 2012
By Reuters Reporter
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.

Wealthy: Denise Rich, a songwriter who was married to pardoned billionaire trader Marc Rich, has denounced her American citizenship and will save millions in U.S. tax bills
By dumping her U.S. passport, Rich likely will save tens of millions of dollars or more in U.S. taxes over the long haul, tax lawyers say.
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.
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Marc Rich received a presidential pardon in 2001 on President Bill Clinton's last day in office.
Federal prosecutors and Congress investigated the pardon, and in 2002 a House of Representatives committee concluded Denise Rich had swayed the action through donations to the Clinton library and campaign. Dubbed "Lady Gatsby" by Yachting magazine, Rich owns multiple properties, including a mansion in Aspen, Colorado.
She is a frequent habitue of Cannes, Monte Carlo and St. Tropez with celebrities and singers aboard her 157-foot yacht, Lady Joy.
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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.
Nearly 1,800 citizens and permanent residents, a record since data was first compiled in 1998, expatriated last year, according to government figures.




Read more: http://www.dailymail.co.uk/news/article-2170969/Wealthy-socialite-Denise-Rich-denounces-U-S-citizenship--saving-tens-millions-dollars-taxes.html

[mahatmakanejeeves]

1. "Denise Rich, a songwriter who was married to pardoned billionaire trader Marc Rich,..."

There's a blast from the past. I'm still steaming over that one.

PUBLISHED: 09:43 EST, 9 July 2012 | UPDATED: 11:06 EST, 9 July 2012
By Reuters Reporter

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.

Quarterly Publication of Individuals, Who Have Chosen To Expatriate

Incredibly, the listing is done to comply with the Health Insurance Portability and Accountability Act (HIPPA) of 1996. I thought it would be listed under Department of State. Go figure.

[Huey P. Long]

5. Yes, Marc, who was 'pardoned' the last day in office. I too remember it well.

They're all doing it too. The fraud is magnified and rampant with noone to stop it. Pure criminality and theft by both sides at the top..

[still_one]

2. don't let the door hit your ass on the way out denise /nt

[wilt the stilt]

3. Rich people by and large are only patriotic

to their money. They are basically completely ungrateful for the opportunities that a country has afforded them. These ex-pats should not be allowed back in the country and by and large the more money they get the cheaper they become.

[TrollBuster9090]

9. Rupert Murdoch became a U.S. Citizen to take advantage of American Tax Law. But now

these opportunistic scumbags are doing the reverse. We now have an economic SUPERCLASS who recognize no nationality or loyalty. The closest thing they have to loyalty to the United States is the fact that they use the U.S. dollar as a FLAG.

[Blue_Tires]

18. I thought he became a citizen because at the time he was prohibited from

owning a certain amount of media outlets as a foreigner?

[TrollBuster9090]

20. *Facepalm* Yeah, you're right, I forgot. Thanks! nt

[JHB]

33. But you were right in that it was for mercenary reasons...

...to exploit requirements of the law, not for wanting to be an American.

[TrollBuster9090]

41. I remember Robert Maxwell trashing Rupert Murdoch's change of citizenship as a sleazy move, and that

"one shouldn't change nationalities the way one changes SHIRTS!"

Of course, Maxwell was saying this AFTER switching his Czech citizenship for British citizenship, and BEFORE looting the PENSION FUND of his company's employees. But at least he didn't ... oh forget it...

[Marrah_G]

4. When is enough money, enough money, Ms. Rich?

[AnotherMcIntosh]

6. Is this the same Denise Rich with a husband who obtained a pardon with the assistance of Holder?

I wonder what motivated Holder to help her husband?

[TrollBuster9090]

7. Oh well, I guess the Clinton's got what THEY wanted out of pardoning that scumbag.

Nevertheless, good riddance to bad trash, I say.


I think it's time Congress passed a law stating that you can't duck out on your tax bill by renouncing your U.S. Citizenship one day before your taxes are due. Or at least TRIED to pass such a law, and then see who votes to block it.

[Huey P. Long]

11. Holder the 'HERO' was involved in this too?! How typical.

Pass a law? Pffft...they are ABOVE the law, and only pass laws to the elite's advantage now. We are screwed.

[TrollBuster9090]

29. I have to say, Clinton certainly did a lot of nasty shit during his last month in office.

1. Passed an omnibus budget containing the CFMA that allowed creation of credit default swaps and Mortgage Backed Securities while not providing any regulation over them.

2. Appointing Rahm Emanual to the board of Freddie Mac, and

3. Pardoning a bunch of scumbags in exchange for kickbacks.

Oh well, so much for 'centrists.'

[Huey P. Long]

32. Thanks for the elaboration on the NAFTA huckster. Holder though...

We were made to defend this POS who told Barklays they would be protected, who will not go after the banker criminals, etc.

Fucking HIM?

[TroglodyteScholar]

8. A note for the Daily Mail from Merriam Webster's dictionary

Denounce (transitive verb)
1: to pronounce especially publicly to be blameworthy or evil (they denounced him as a bigot)

Renounce (transitive verb)
1: to give up, refuse, or resign usually by formal declaration (renounce his errors)

[Igel]

15. Yes, as far as it goes.

You need to dig just a little deeper because there's an additional meaning for "denounce":

"to give formal notice of the termination or denial of (a treaty, pact, agreement, or the like)."



For example, to denounce one's citizenship.

[dipsydoodle]

16. Denounce can also be used to mean

giving formal announcement of the ending of..............

Aside from that I can't really think of anything funnier than quoting Websters with regard to a UK media source,

[mwooldri]

21. Oxford English dictionary says about the same...

Except they substitute "blameworthy" with "wrong".

In this context of giving up a citizenship of a country, denounce and renounce can be substituted either way... denounce is saying the citizenship for them is wrong, renounce is saying they are giving it up.

[dipsydoodle]

42. Out of curiousity

Do you mean the English version of the Oxford English Dictionary or the American version of the same ?

[PoliticAverse]

27. She's renounced causing people here to denounce... n/t

[SDjack]

10. Good. Riddance. n/t

[slackmaster]

12. Wow, what a patriot. I don't have a problem with people renouncing citizenship as long as they never

..set foot in our country again.

[Huey P. Long]

14. That'll never be the case. Just like corporations, they play us all for SUCKERS.

[Lydia Leftcoast]

28. Not quite fair--there are some who renounce their U.S. citizenship because

they genuinely prefer a different country.

At least one DUer is in the process of doing so, and I know a couple of Japanese-English translators who have taken or will take out Japanese citizenship because they've spent their whole adult lives in Japan, are married to Japanese nationals, and are raising their children in Japan.

That's different from some rich person who just wants to avoid taxes.

[Huey P. Long]

34. Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

[slackmaster]

44. Do you have to renounce US citizenship to become a Japanese citizen or is dual citizenship possible?

I have met many people who are dual US/Canadian or US/Israeli.

[eppur_se_muova]

13. Austria's personal income tax rate tops out at 50% ...

http://www.worldwide-tax.com/austria/austriataxes.asp

and the VAT is 20%. Not sure where she's saving money. Perhaps someone can explain ?

[Huey P. Long]

17. Without any further knowledge, a blind guess would look for tax waivers for the mega rich.

[LittleGirl]

24. the IRS can follow you for 10 yrs after you

renounce your citizenship. That's what I understand about the new laws being passed for expats

[dipsydoodle]

25. It doesn't necessarily follow

that saving her from paying US taxes was her actual motive in handing back her passport and green card whatever - just an issue which arises a result of her action.

[Huey P. Long]

30. Former husband Marc Rich fled the country when indicted on charges of tax evasion

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

[dipsydoodle]

31. And that's got what to do with ex wife ?

[Huey P. Long]

35. Oh, nothing at all! Completely unrelated! lol

[eppur_se_muova]

36. That was my thought -- says she is a "glamorous figure in European royalty circles"

so maybe she just decided she likes it better over there, and doesn't need to pay taxes here if she's not going to live here.

Even rich, greedy people sometimes lack ulterior motives.

Of course, SCOTUS has said that even foreign donors can buy US elections, so no problem there.

[dipsydoodle]

40. I can't even work out why this is LBN

It happened last November.

[ieoeja]

39. Easy, the spin that people are doing this because of taxes is pure bullshit.

Even the guy who moved to Singapore where taxes truly are lower is losing money because of the Exit tax.

What changed is that banks in these tax havens are now required to report funds held by Americans. For many of these banks their purpose is to hide money. So they are now refusing to do business with Americans. If you want to continue using those banks, you have to renounce American citizenship.

Every individual doing this whom I have read quoted in the press stated that this, and not taxes, is why they do it. Rightist press is just pretending otherwise. For that matter, a Democratic Senator pretended this was the reason and talked about passing an Exit tax in response. The Exit tax he described was exactly what the Exit tax has been for decades, so I have to assume he just saw a way to make voters think he is doing something really cool to make some political hay.

[waddirum]

19. unfortunately, she can't renounce the ugly

That is bone deep.

[TrollBuster9090]

37. True dat

Designer Original Satin Dress: $38 000
Diamond Ring: $179 000
Designer Pleather Purse: $1400
Zebra mink Stole: $72 000

Looking like a shaved Richard Branson in drag: PRICELESS.

There are some things money can't buy
For everything else, there's a safety deposit box in Zurich.

[CBGLuthier]

38. Yeah lets forget anything of substance and attack her looks. Hmmm I love this fucking place sometime

[bluestateguy]

22. Bill Clinton pardons her crook ex-husband and this is the thanks we get

But remember, the unpatriotic people are the ones who don't support the Iraq War. OK, got it.

[Huey P. Long]

26. Eat your peas! Shared sacrifice!

[Huey P. Long]

23. Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001

[maddezmom]

45. Locking

Feature story, event happened in Novemeber. Feel free to repost in another forum.