Remember all the scorn heaped on Facebook co-founder Eduaro Saverin when he renounced his U.S. citizenship? Yeah, well let’s see what all the indignant lefties have to say when one of their own decides to skip off to avoid taxes. You might remember Denise Rich. She spent so much time at the White House during the Clinton Administration she was practically a furnishing. Oh, and you might also recall then-Assistant AG Eric Holder giving her fugitive ex-husband a last-minute pardon. Why do I have the sneaking suspicion these two will soon be bumping into each other?
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 and glossy figure in Democratic and 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 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. 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.
Can’t wait to hear how unpatriotic she is.
Rich’s ex-husband, commodities trader Marc Rich, fled the United States in 1983 when indicted on charges of tax evasion, fraud, racketeering and illegal trading of oil with Iran. They divorced in 1996.
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.
Not coincidentally Rich forked over $450,000 to the Clinton Library as part of that particular payoff.