D.C. Sues Bitcoin Evangelist Michael Saylor for $25 Million in Unpaid Taxes
By September 12, 2022 0 825•
D.C. Attorney General Karl Racine announced on Aug. 31 a tax fraud lawsuit “against Michael J. Saylor, a billionaire technology executive who has resided in the District of Columbia for more than a decade but has never paid any D.C. income taxes —despite earning hundreds of millions of dollars. The lawsuit also names MicroStrategy — a publicly-traded data tracking company Saylor co-founded — as a defendant, alleging that it conspired to help him evade taxes he legally owes.”
The Office of the Attorney General (OAG) alleges “that Saylor illegally avoided more than $25 million in D.C. taxes by pretending to be a resident of other jurisdictions with lower personal income taxes. OAG also alleges that MicroStrategy had detailed information confirming that Saylor was in fact a D.C. resident, but instead of accurately reporting his address to local and federal tax authorities and withholding D.C. taxes, collaborated with Saylor to facilitate his tax evasion.”
The OAG continues: “Michael Saylor … has publicly called the District’s Georgetown neighborhood home since about 2005. He lives in a 7,000-square-foot penthouse on the Georgetown waterfront and has docked at least two of his luxury yachts in the District for long periods of time. Saylor’s net worth is estimated to be more than $1 billion, and he has earned hundreds of millions of dollars in ordinary income and capital gains since 2005.”
MicroStrategy has not commented on the allegations.