With the upcoming US elections just around the corner, Prince Harry and Meghan Markle are understandably lending support to Democratic presidential nominee, Joe Biden.
However, if the former vice president does take charge of the office, it could create quite a few hurdles for the newly-independent Duke and Duchess of Sussex in terms of their financial situation.
The US presently has long-term capital gains taxes, much lower than personal income which could change if Biden comes to power as he wishes to equalize these by uplifting capital gains tax from 37% to 39.6% while top rate capital gains could go from 20% to 39.6%.
“A guiding principle across our tax agenda is that the wealthiest Americans can shoulder more of the tax burden, including in particular by making investors pay the same tax rates as workers and bringing an end to expensive and unproductive tax loopholes,” it was stated in a 110-page policy document that was released by the task force created by Biden and Senator Bernie Sanders.
That being said, with Harry and Meghan now having signed a multi-million dollar deal with Netflix, they are now falling under the category of some of the most affluent US residents.
This means the couple may have to bear more financial burden in the Biden administration than in Donald Trump’s current term.
In spite of that, the former royals are still endorsing Biden for the next term as the duchess is known to already have censorious views for the current president, whom she had earlier labelled ‘misogynistic’ and ‘divisive.’