U.S. Taxes Could ‘Kill’ Prince Harry And Meghan Markle’s Hope For Financial Independence

According to a British tax expert, Prince Harry and Meghan Markle might have done better financially had they stayed in the U.K. That’s because the longer the Duke and Duchess of Sussex remain in the United States of America, the more likely it is that the U.S.’s Internal Revenue Service (IRS) will be taking a substantial bite out of their finances. Indeed, it’s suggested that Prince Harry faces losing several million in U.S. dollars.

In fact, it’s possible that neither Prince Harry nor Meghan Markle thought much at all about the taxes they’re most probably going to face. As some are belatedly pointing out, it won’t just be federal income tax sought after by the IRS that Prince Harry will have to worry about. Now that he and Meghan have settled in Santa Barbara in California, they’ll also have to watch out for state taxes!

As suggested by David McClure in an interview with a British tabloid, “I don’t think Harry and Meghan have totally thought through the financial consequences of their exit from the Royal Family. The US taxman is much more zealous than his UK counterpart and for that reason, Harry will have to watch his step on the income he generates.”

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Prince Harry’s Property Taxes And More

As everyone knows by now, Prince Harry and Meghan Markle bought themselves an enormous, 9-bedroom home with a price tag of $14.5 Million dollars. The Duke and Duchess of Sussex’s new digs are located in Santa Barbara in the same neighborhood as Oprah Winfrey and other well-known celebs. The problem for Prince Harry and Meghan is that now their expenditures are going to include not only their security details (so far paid by Prince Charles), and their mortgage, but now they need to figure in property taxes too.

According to tax-rates.org, Santa Barbara property taxes for a house like Prince Harry and Meghan Markle’s, which is valued at $14.5 Million dollars will run in the range of $ $73,950.00. Now, that doesn’t sound like a lot for a couple who still have a net worth of about $26 Million dollars. However, it’s still a substantial sum for Prince Harry and Meghan since neither have their own source of continual income at the moment.

David McClure continued on this subject, noting that “The more their (Prince Harry and Meghan Markle’s) expenditure rises in California, the greater the pressure to generate their own income in more downmarket, commercial deals.”

Prince Harry And Meghan Markle Have To Find Work

With Prince Harry and Meghan Markle’s expenditures rising and with their refusal to downsize and live a life outside the glamour and glitz of the rich and famous, some are now raising eyebrows. Who precisely is going to end up paying for Prince Harry and Meghan Markle’s lifestyle? While it seems clear that Prince Harry’s inheritance has played a role in the purchase of their new home, Prince Charles’s Duchy of Cornwall cannot be expected to pay for Harry and Meghan’s security (and perhaps more) forever.

Meghan Markle Baby Clue? New Mansion Signs Of “Nesting Behavior” Suggest Royal Watchershttps://t.co/fWubur1m9H

— SOS/CTS/HH (@SoapOperaSpy) August 18, 2020

However, that’s the crux of the matter for Harry and Meghan. Prince Harry evidently has no plans to become a naturalized U.S. citizen, nor does he plan to get a Green Card. Therefore it’s an open question as to exactly how Prince Harry plans to start bringing in some cash.

Be sure to catch up on everything happening with Prince Harry, Meghan Markle, Prince Archie, and The Royal Family right now. Come back here often for all The Royal Family spoilers, news, and updates.