Billionaire Michael Saylor Settles Tax Fight: D.C. vs. Florida Sunshine
Saylor Pays $40M, But Maintains He's a Sunshine State Resident
You may recall that Michael Saylor and the company he founded, MicroStrategy, had a dispute with the District of Columbia, whereas the District stated the billionaire and his company owed millions of unpaid taxes because the District did not believe Saylor had officially moved to Florida between 2005 and 2020. Saylor states he has been a Florida resident since 2012. Last year, I wrote about MicroStrategy being dismissed from the case, and now we have a settlement between the District of Columbia and Saylor in the amount of $40 million.
Florida does not have income taxes which is why so many move here to Florida, and while Saylor maintains a home in Georgetown, D.C., he professes he does not live there more than the allotted time for tax purposes (183+ days). D.C., Saylor’s social media postings felt he spent more time in D.C. than he claimed and wanted to grab more of the billionaire’s wealth than it wasn’t already collecting by suggesting he was still a D.C. resident.
American individuals should have the right to choose where they live and pay taxes. Individuals own their income and property as a result of their labor and choices. Taking a portion of that income without their explicit consent, through the enforcement power of the government, feels like a violation of their ownership rights. Governments can regulate and tax companies and individuals to a certain extent; however, there is a tipping point where those who can move themselves and their businesses away from such areas do so, which is what has been happening for the last several years as Americans move to low tax, low regulation states.
While Saylor denies D.C.’s allegations, he chose to settle the dispute as it was becoming a distraction. No word yet, if he’ll be able to pay the settlement in Bitcoin.
Over the last four years, Saylor has become one of the leading advocates for the adoption of Bitcoin; here he is explaining his position on the importance of Bitcoin: