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Unsurprisingly, Meghan Markle and Prince Harry are voicing their support for Democratic presidential candidate Joe Biden as the US election approaches.
However, if the former vice president takes over the office, it could create quite a few obstacles for the newly independent Duke and Duchess of Sussex in terms of their financial situation.
Currently, the United States has taxes on long-term capital gains, much lower than personal income, which could change if Biden comes to power, as he wants to equalize them by raising the tax on capital gains from 37% to 39%. , 6%, while the maximum rate capital gains could go from 20% to 39.6%.
“A guiding principle of our tax agenda is that the wealthiest Americans can shoulder a greater share of the tax burden, particularly by making investors pay the same tax rates as workers and by ending costly and unproductive tax loopholes,” it was stated in a 110-page policy document that was published by the task force created by Biden and Senator Bernie Sanders.
That said, now that Harry and Meghan have signed a multi-million dollar deal with Netflix, they now fall into the category of some of the wealthiest American residents.
This means that the couple may have to bear more financial burden under the Biden administration than under Donald Trump’s current term.
Despite that, former royals are still backing Biden for the next term, as the Duchess is known to already have censorious views on the current president, whom she had previously called ‘misogynistic’ and ‘divisive. ‘.
