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A lot of the people were uninsured with tens of thousands of dollars in assets, if not more. I'm guessing that it's because they didn't want to report the asset
by MichaelApproved 11y ago
A lot of the people were uninsured with tens of thousands of dollars in assets, if not more. I'm guessing that it's because they didn't want to report the assets to the government. Is that fair speculation?
- justincormack 11y agoNo, people assume safe deposit boxes are secure so they don't pay for insurance. There are no taxes on assets, or requirement to report them to the government.
- MichaelApproved 11y agoI'm speculating that they earned money without reporting it and then used that money to purchase those assets. The gov't doesn't tax the asset you own but it would be interested in knowing if you reported the income that you used to purchase the asset.
- DanBC 11y agoSometimes that's the case. http://www.theguardian.com/uk/2009/mar/25/police-raid-deposit-boxes http://www.theguardian.com/uk/2009/mar/25/police-raid-deposi... http://www.telegraph.co.uk/news/uknews/2066470/Safety-deposit-box-raids-yield-1bn-of-drugs-cash-and-guns.html http://www.telegraph.co.uk/news/uknews/2066470/Safety-deposi...