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Denise Rich gives up US citizenship

Discussion in 'Sports and News' started by Evil ... Thy name is Orville Redenbacher!!, Jul 9, 2012.

  1. The Big Ragu

    The Big Ragu Moderator Staff Member

    This is due to U.S. tax law. We either fix it, or people will choose the option she did.

    Austria isn't a tax haven. The problem is that the U.S. taxes its citizens based on their worldwide income, as opposed to most countries, including Austria, which tax their citizens based on their income while they are residing in Austria. It's an important distinction. The U.S. taxes you as a citizen, regardless of where you live. Most other places tax you just based on your residency.

    She actually lives in London most of the time. If she stays a U.S. citizens, she has to file two tax returns. One for the UK and one for the U.S. If she renounces her U.S. citizenship and sticks with the Austrian citizenship, which the story said she got through her dad, she files one return in the UK and just pays taxes once.

    Taxes throughout the world are residency based. The idea is that you use the services of the country where you are actually living. As long as the U.S. insists on slapping its own citizenship-based tax on top of the resident tax you have to pay elsewhere, people like Eduardo Saverin and Denise Rich, who live overseas, are going to say good bye to their U.S. passports.
     
  2. dixiehack

    dixiehack Well-Known Member

    Her choice. Just don't come back expecting to make money here.
     
  3. LongTimeListener

    LongTimeListener Well-Known Member

    I figure Mitt would have done this already if not for the damn running-for-president thing.
     
  4. That's interesting. I did not know that.
     
  5. DanOregon

    DanOregon Well-Known Member

  6. Armchair_QB

    Armchair_QB Well-Known Member

    Why not?
     
  7. dixiehack

    dixiehack Well-Known Member

    Because if you are doing it essentially as a form of tax evasion, and then you come home, the IRS should come down on you with Thor's hammer. If you had citizenship and voluntarily gave it up, I see know reason we have to admit you.
     
  8. Starman

    Starman Well-Known Member

    Prosecute and deport.
     
  9. Lucas Wiseman

    Lucas Wiseman Active Member

    Perfectly stated.
     
  10. doctorquant

    doctorquant Well-Known Member

    Clearly she's guilty ... of being rich and having options!
     
  11. Armchair_QB

    Armchair_QB Well-Known Member

    What if you're here illegally? Should you be allowed to make money?
     
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