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

[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.