I'm wondering if everyone has seen the article in Bloomberg Biz Week regarding how the Mormon Church makes their (significant) money?
WOW, how do I get in on this gig?
Late last March the Mormon Church completed an ambitious project: a megamall. Built for roughly $2 billion, the City Creek Center stands directly across the street from the church’s iconic neo-Gothic temple in Salt Lake City. The mall includes a retractable glass roof, 5,000 underground parking spots, and nearly 100 stores and restaurants, ranging from Tiffany’s (TIF) to Forever 21. Walkways link the open-air emporium with the church’s perfectly manicured headquarters on Temple Square. Macy’s (M) is a stone’s throw from the offices of the church’s president, Thomas S. Monson, whom Mormons believe to be a living prophet.A $2 Billion dollar "Mega Mall"?
It’s perhaps unsurprising that Mormonism, an indigenous American religion, would also adopt the country’s secular faith in money. What is remarkable is how varied the church’s business interests are and that so little is known about its financial interests. Although a former Mormon bishop is about to receive the Republican Party’s presidential nomination, and despite a recent public-relations campaign aimed at combating the perception that it is “secretive,” the LDS Church remains tight-lipped about its holdings. It offers little financial transparency even to its members, who are required to tithe 10 percent of their income to gain access to Mormon temples.'the LDS Church remains tight-lipped about its holdings".
The Mormon Church is hardly the only religious institution to be less than forthcoming about its wealth; the Catholic Church has been equally opaque throughout history. On the other hand, says historian D. Michael Quinn, who is working on a book about the LDS Church’s finances and businesses, “The Mormon Church is very different than any other church. … Traditional Christianity and Judaism make a clear distinction between what is spiritual and what is temporal, while Mormon theology specifically denies that there is such a distinction.” To Latter-day Saints, opening megamalls, operating a billion-dollar media and insurance conglomerate, and running a Polynesian theme park are all part of doing God’s work. Says Quinn: “In the Mormon [leadership’s] worldview, it’s as spiritual to give alms to the poor, as the old phrase goes in the Biblical sense, as it is to make a million dollars.”
Mormons make up only 1.4 percent of the U.S. population, but the church’s holdings are vast. First among its for-profit enterprises is DMC, which reaps estimated annual revenue of $1.2 billion from six subsidiaries, according to the business information and analysis firm Hoover’s Company Records (DNB). Those subsidiaries run a newspaper, 11 radio stations, a TV station, a publishing and distribution company, a digital media company, a hospitality business, and an insurance business with assets worth $3.3 billion.
AgReserves, another for-profit Mormon umbrella company, together with other church-run agricultural affiliates, reportedly owns about 1 million acres in the continental U.S., on which the church has farms, hunting preserves, orchards, and ranches. These include the $1 billion, 290,000-acre Deseret Ranches in Florida, which, in addition to keeping 44,000 cows and 1,300 bulls, also has citrus, sod, and timber operations. Outside the U.S., AgReserves operates in Britain, Canada, Australia, Mexico, Argentina, and Brazil. Its Australian property, valued at $61 million in 1997, has estimated annual sales of $276 million, according to Dun & Bradstreet.
I see. I think this gives us some idea as to why Rmoney does not want to reveal his tax returns. it's wrapped up in the culture of his "church"... and I have to wonder just how much influence their "living prophet" has on this culture.
AgReserves owns almost one million acres of property in the U.S.?
Fair question: What sort of taxes are the Mormon Church paying, and why are they allowed to keep their 501(c)(3) tax exempt status-- particularly given the fact the Mormon Church actively supported California's Prop 8 in 2008?
Here's this gem regarding Romney:
Mitt Romney has never hidden the fact that he has a promised tithe to the Church of Jesus Christ of Latter-day Saints, but according to his tax returns released today, he gives back more to the Mormons than he pays to the federal government. Since 2010, the Romneys have given $7 million to charity, but over $4 million of that went directly to the Mormon Church, while they paid only $3 million to the IRS last year.Uhhhhh?? OK, big problem, folks. I can't take seriously a guy who gives MORE money to his "church" than he does the United States. Weak, very weak.