Michael Saylor Settles Tax Dispute with D.C. Attorney General for $40 Million
CryptoNewsTerminal Staff03 Jun, 2024
Michael Saylor Settles Tax Dispute with D.C. Attorney General for $40 Million
Michael Saylor, the founder of Microstrategy, has settled allegations that he failed to pay taxes on his District of Columbia income by agreeing to pay $40 million, according to The New York Times. The settlement with D.C. Attorney General Karl A. Racine resolves a lawsuit filed earlier this year alleging that Saylor had not paid any income taxes despite living in the city for more than a decade. Saylor's agreement to pay the settlement comes after a long legal battle with the D.C. government. In 2021, Racine's office filed a lawsuit against Saylor, alleging that he owed more than $25 million in back taxes. The lawsuit claimed that Saylor had used a variety of methods to avoid paying taxes, including claiming that he was a resident of Florida, where there is no state income tax. Saylor's settlement with the D.C. government is a significant victory for Racine and his office. It sends a strong message that the D.C. government will not tolerate tax evasion and that it will pursue all available legal remedies to collect unpaid taxes.
