Bitcoin Believer Michael Saylor Sees Asset Surge of Nearly $900 Million This Year
Michael Saylor was sued by the Attorney General of the District of Columbia (i.e., Washington, D.C.) in August 2022, alleging that he had not paid any income taxes despite residing in the District for over 10 years. In addition to federal taxes, U.S. citizens who meet the residency and income criteria defined by each state are required to file state income taxes in the state where they reside. The tax rates vary greatly among states due to the vast expanse of the United States. According to the latest data published by the Tax Foundation, the tax rate in Washington, D.C. is as high as 10.75%, while Florida has no income tax. Therefore, Saylor attempted to avoid the high tax rate by changing his residential address.