washingtonpost
Submitted by washingtonpost t3_yuxrjr in washingtondc
Submitted by washingtonpost t3_yhol60 in washingtondc
Submitted by washingtonpost t3_y84gv1 in washingtondc
Submitted by washingtonpost t3_yuxrjr in washingtondc
Submitted by washingtonpost t3_yhol60 in washingtondc
Submitted by washingtonpost t3_y84gv1 in washingtondc
washingtonpost OP t1_iwbi39q wrote
Reply to D.C.’s bitcoin king: yachts, penthouses, a python — and tax dodging? by washingtonpost
From reporter Justin Jouvenal: Michael Saylor lived large while allegedly paying no D.C. income tax. Here’s how whistleblowers unraveled what could be one of the largest tax scams in city history.
Michael Saylor amassed a multibillion dollar fortune, splurging to combine three Georgetown penthouses into a palatial 7,000 square-foot residence, snapping up an 154-foot yacht dubbed “Mr. Terrible” and throwing lavish soirees including one where he was draped with an albino python.
All the while, the tech titan did not pay income tax in the District for years and bragged about it to friends, anonymous whistleblowers allege. They said he told people they were “fools” if they did not buy a home in Florida like he did and claim to live there. The state has no income tax.
The whistleblowers’ allegations come in a lawsuit filed in D.C. Superior Court that provides a stunning inside look at the lavish lifestyle of what it calls “arguably the wealthiest person in the District” and an allegedly brazen scheme to defraud the city of tens of millions. It is one of the largest income tax cases in D.C. history.
The whistleblowers, whose legal efforts were joined by District officials in August, stand to earn a staggering payday — possibly $25 million or more — and to return as much as $150 million to city coffers if their case against the Saylor is successful.
Saylor, who denies any wrongdoing, is the first target of a little-noticed revamp of a District law, which now allows citizens to file complaints against alleged tax cheats on behalf of the city and collect a bounty if they win their case.
Such statutes are quickly becoming a powerful tool to hold tax scofflaws among the ultrawealthy and powerful corporations accountable in an era of rising concern about wealth disparity and tax dodges among the wealthiest 1 percent. A similar law in New York has recovered a whopping $467 million in back taxes, according to an analysis noted by D.C. officials. Other states are taking notice.
Saylor, who contends in court papers he has never been a D.C. resident, said in a statement he lives in Florida and it is “the center of my personal and family life.” He is seeking to have the case dismissed.
Read more: https://www.washingtonpost.com/dc-md-va/2022/11/14/bitcoin-billionaire-saylor-tax-lawsuit/?utm_campaign=wp_main&utm_medium=social&utm_source=reddit.com