Obama Driving Citizenship Renunciations

Why are increasing numbers of super-rich Americans renouncing their citizenship? It's a growing trend. Last year, a record 1,780 U.S. citizens and green-card holders said goodbye to the U.S. to avoid paying taxes, according to government figures. But are these wealthy Americans and green-card holders motivated solely by a desire to avoid the tax man? The latest super-rich American to give up her citizenship is filthy rich Democrat Denise Rich -- a socialite, songwriter, and prominent fundraiser for Bill Clinton, who as president in 2001 obligingly gave Rich's billionaire husband a controversial pardon on his last day on office. Marc Rich, a billionaire commodities trader whom Rich subsequently divorced, had fled the United States years earlier while under indictment for tax evasion, fraud, racketeering and illegal oil trading with Iran. Rich's decision to give up her U.S. passport, as Reuters noted, comes on the heels of Facebook's billionaire co-founder...(Read Full Post)