Wealthy socialite and top Democratic donor Denise Rich denounces her U.S. citizenship saving tens of millions in taxes (house of representatives, lawyer)
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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
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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.
So how much she gonna give to Obama for the 2012 election?
Interesting discussion of the reasons for the increased number of expatriations since 2008:
"First, in 2008 the expatriation rules were changed. There is no longer the 10 year U.S. tax return filing requirement. Although there is now a mark-to-market regime triggering gains upon expatriation, up to $636,000 of gain can generally be excluded for individuals expatriating in 2011 (the amount is annually adjusted for inflation). Further, non-U.S. citizen, nonresidents can now annually visit the U.S. for 120 or more days without becoming taxed as U.S. residents (under the pre-2008 rules, visits to the U.S. for more than 30 days during any of the 10 years following expatriation caused the individual to be treated as a U.S. resident for that year)... With the $636,000 exclusion from the mark-to-market gain, many individuals can expatriate without paying any U.S. tax.
The second reason for the increase in expatriations, I believe, is the recent publicity regarding the penalties and voluntary disclosures for failing to report offshore bank and other financial accounts."
Wealthy Americans can leave and the tax base will practically disappear. This will leave the middle class with higher taxes to take care of the people on welfare, food stamps and free healthcare.
This really kind of interesting since the lefties threatened to leave because Bush was elected only to find them leaving after saddling us with this loser.
Wealthy Americans can leave and the tax base will practically disappear. This will leave the middle class with higher taxes to take care of the people on welfare, food stamps and free healthcare.
See, the "little people" don't realize that the truly wealthy can live wherever they want in this world and can buy their citizenship in other countries. The truly wealthy can live anywhere and still do their business.
You now have multiple countries yelling and implementing laws to "tax the rich".
There's gonna be one smart country somewhere that will welcome the rich and woe to all the other countries.
Did she pay the exit tax? If not, extradite. If no extradite available, send in the spec forces then bill and fine.
For those who renounce: an absolute ban on entering the US.
Im rather tired of people who exploit the US to become rich then dont feel like paying the tax. OTOH, Oddly I would abolish the inheritance tax and replace it with an absolutely enforced 1 time cap gains tax at death. Everything gets taxed once. No turning yourself into a corporation to live forever.
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