There has been a growing trend of wealthy Americans giving up on their citizenship.
I earlier noted that this controversial trend may have been accentuated by Eduardo Saverin, one of Facebook founder.
Another celebrity, Denise Rich, has opted to vote with their feet in response to the intensifying class warfare politics which is being passed off through repressive tax policies.
From the Wall Street Journal,
Denise Rich, the songwriter and socialite who was once married to pardoned financier Marc Rich, has given up her U.S. citizenship, a move that could also help shield her from future U.S. taxes.
“In order to be closer to her longtime life partner, as well as her family and loved ones, she made the decision to become an Austrian citizen. That was in November 2011,” said Judy Smith, a spokeswoman for Ms. Rich.
Ms. Rich’s name showed up in an April 30 list of those who had given up their U.S. citizenship. She was listed under her maiden name of Denise Eisenberg. The move was first reported by Reuters.
Ms. Rich and many others adds to the statistics of nearly 1,800 Americans whom have renounced their citizenship.
The absolute number may indeed be small (yes that’s because they are the detestable 1%), but they are the source of productive capital.
Daily Reckoning’s Erics Fry rightly concludes
Surrendering US citizen was absolutely unthinkable. But not anymore. Now it is “thinkable,” albeit still relatively rare. The absolute numbers are still tiny, but the trend conveys a very large message: Discontent is on the rise.
Intervention begets intervention, taxes begets taxes, repressive actions by the desperate political class will only exacerbate. Ultimately these would affect everyone and vented through a crisis. Hence discontent will snowball.
Interesting signs of times and the reversal of what used to be seen as entrenched trends.
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