Karl A. Racine the attorney general of the District of Columbia (D.C) is suing Bitcoin Maximalist, Michael Saylor, and his company MicroStrategy for unpaid taxes.
- In a tweet from Thursday, Racine affirmed that the billionaire has lived in DC for more than 10 years and has never paid any income taxes.
NEW: Today, we’re suing Michael Saylor – a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes – for tax fraud.
— AG Karl A. Racine (@AGKarlRacine) August 31, 2022
- The attorney general also confirms that he is suing Microstrategy for helping Saylor evade taxes that he legally owns. Moreover, in a threaded tweet, he encourages tweeps living in D.C to expect consequences if they refuse to pay their fair share of taxes.
- As stated in the lawsuit, Saylor alleged to live in Florida, a state without personal income taxes, or Virginia, which has lower taxes than D.C. and is where MicroStrategy is located, but in reality, he lived in DC.
- Michael Saylor’s unpaid taxes is appraised at $25 million but, the District of Columbia is also seeking civil penalties, treble damages, and other fees at an estimated $100M dollar sum total.
- Saylor deferred responding to the allegations the instant they went public. Moreover, the billionaire and vocal bitcoin evangelist kept the focus on bitcoin, as usual. Ultimately, he released a statement addressing the allegations.
Michael Saylor And MicroStrategy Response
- “Although MicroStrategy is based in Virginia, Florida is where I live, vote, and have reported for jury duty, and it is at the center of my personal and family life. I respectfully disagree with the position of the District of Columbia.” Michael Saylor stated.
- At the same time, Micro Strategy released a public statement about the case. “The Company was not responsible for his day-to-day affairs and did not oversee his individual tax responsibilities”. The American company also affirmed that the claims against the company are fallacious and that they’ll defend aggressively against the overreach.
See Related: Indian Parliament Passes A 30% Crypto Tax Law
