If the past year of disruption and uncertainty taught us anything, it taught us a lesson in our own resiliency. We are now at a moment in our history, where we’re not only providing the lock to protect assets, but also the key to unlock deeper value in the things they store with us. This desire for us to do more is a direct result of decades of trust our customers have in us to protect what they value most, and we take great pride in that heritage and our customers’ trust. We’ll always remain grounded in the fundamental continued service and storage of our customers’ most precious physical assets but, increasingly, our customers are embracing Iron Mountain to do even more for them. Iron Mountain is a different company than we were 50 years ago. With the use of actual investigators, each additional dollar spent on tax enforcement yields $5 to $7 in revenue reclaimed from the dodgers. This means that for the top 0.1 percent, the unreported income (in partnerships, offshore entities, and other financial mechanisms) could be twice as large as the normal IRS methodologies would indicate. About 6 percentage points of that comes from avoidance strategies that a random audit simply cannot detect because they’re too sophisticated.
But keeping in mind that someone somewhere sometime will have to pay for the stimulus packages, it is interesting to note that a new study, from IRS researchers and academic economists, estimates that the top 1 percent of households fail to report 21 percent of their income. Few will argue that the rich are not getting richer and the poor poorer, and the gap is widening. Do you think that the well-being of future generations should be give the same weight as that of the present one? That answer may vary based on the generation. Let’s take a momentary break from mortgage chatter.
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