Video: Songwriter Denise Rich gives up U.S. citizenship

>>> while many americans are struggling to make ends meet, there is a growing trend among some of america's ultrawealthy, they're willing to give up their citizenship in many cases to save money and taxes. our report tonight from nbc's andrea mitchell .

>> we know this saxophone has your name on it.

>> reporter: a songwriter and philanthropist got the president of the united states , the first lady and michael jackson to headline her fund-raisers for cancer, honoring her daughter gabrielle who died leukemia. she supported the clinton campaign. just before leaving office, bill clinton faced a storm of criticism for pardoning her former husband mark rich who fled prosecutors for tax fraud in 1983 .

>> just to be recognized by your peers is so wonderful.

>> reporter: from politics to the grammys, denise rich always surrounded herself with superstars and the superrich.

>> it's just a lot of funning and everyone has a lot of fun.

>> reporter: now she's put her 5th avenue apartment on the market for $65 million. it's not only denise rich , facebook co-founder gave up his citizenship before the facebook ipo, he moved to singapore. why the trend? because an irs crackdown and to avoid estate taxes .

>> they don't pay any estate tax when they die. this is a big concern to them, particularly for preserving family businesses.

>> rich says she gave up her status for her long time partner.

>> you don't need to renounce your citizenship to be closer to your family. we all know the reason she's doing this, and it's to avoid paying taxes. i find the people who renounce their american citizenship despicable.

>> reporter: whatever the reason, whose father escaped the holocaust and found refuge in the u.s. has now become a citizen of austria.

Source: http://video.msnbc.msn.com/nightly-news/48142231/

office max office max cyber monday deals 2011 cyber monday deals 2011 bernie fine bernie fine matt leinart