Songwriter and Socialite, Denise Rich, has renounced her U.S. citizenship, adopting Austria as her new home to avoid paying millions of dollars in taxes. The move was made last November, adding to the growing list of Americans fleeing the country. Since Barack Obama took office, the number of people renouncing their citizenship has increased more than 600%, with roughly 157 leaving the U.S. each month. What may be most telling about this case is that Denise is the ex-wife of Marc Rich, a billionaire who himself was indicted for tax evasion in 1983. While the couple divorced in 1996, Denise still worked at securing a pardon from then President Bill Clinton. The Grammy Award winning writer has been a major fund raiser and contributor to the Democrat Party. All of her efforts paid off when Eric Holder cleared the way for Clinton to pardon Rich as the president left office.
Denise Rich is expected to save tens of millions of dollars switching her citizenship to Austria. Not only was her late father Austrian, enabler her to obtain Austrian citizenship easily, but also her current boyfriend, developer Peter Cervinka hails from there as well. In 2011, some 1,800 Americans followed suit, a new record high, and like Rich, must pay an ′exit tax′ to the IRS.
While much hay is made in the Liberal Media about those nasty oil corporations, who employ tens of thousands of Americans, we hear very little about the flight of these Left-leaning billionaires who seek to avoid taxes. Those who moan about oil subsidies, which account only for a few billion dollars, neglect the facts that the oil industry accounts for a substantial portion of U.S. tax revenues. First from oil leases and secondly from federal gasoline and diesel taxes at the pump. All of this while having single-digit profit margins, unlike ′politically correct′ corporations in Silicon Valley who have profit margins of 30% or more.
So Denise Rich joins the ranks of high-profile Liberals fleeing America to avoid taxes. Rich renounced her U.S. citizenship last November. In choosing Austria as her new homeland, from which her father was born, the Grammy Award winning songwriter will save tens of millions of dollars in taxes. Denise Rich has close ties to the Democrat Party and in particular to Bill Clinton, who granted a presidential pardon to her ex-husband, Marc Rich, indicted for tax evasion, on his last day in office with a recommendation from Eric Holder. So much for doing her ′fair share.′