Prince Harry and Meghan Markle stepping back from their royal duties could cost the family $1 trillion in back taxes? That's the untrue story in a tabloid.
stepping back from their royal duties could cost the family $1 trillion in back taxes? That’s the untrue story in a tabloid this week.The finances of the royal family are notoriously convoluted and complicated. The family earns money in a variety of public and private ways. Most notably, the money earned on their landholdings in the United Kingdom, like the Duchy of Cornwall.
Another important aspect is that the family is legally exempt from most U.K. taxes, including income tax. However, both Queen Elizabeth and Prince Charles, who are responsible for most of the family’s income, voluntarily pay taxes on the money they earn. Which brings us back to the ridiculous claim made by thethis week that somehow the family could owe “$1 trillion” in back taxes due to “dirty dealings by the queen” and other royals.
The phony report quotes a supposed “Buckingham Palace aide” as saying, “Common citizens and members of Parliament are fed up with the Windsors and their spoiled behavior – and believe it’s high time the royal family paid their full freight.
That number is likely completely made up by the magazine. It implies that the family earns multiple trillions of dollars.. That means, according to the sketchy reporting by the tabloid, they could owe more than 10 times what they’re actually worth. The premise is simply absurd, even more so because the royal family is legally exempt from paying most taxes. Even if they were worth trillions, they still wouldn’t legally be on the hook for anything.
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