Should the Mormon Church Pay Taxes?
The Church of Jesus Christ of Latter-day Saints (Mormon Church) has long been accused of being more of a business and a covert political operation than a religion.
The Church of Jesus Christ of Latter-day Saints is a registered religious organization under section 501(c)(3) of the United States Tax Code. That means that it does not pay any taxes on its income, which is estimated to be between $8 and $20 billion per year!
The Mormon Church’s 15 million members give a minimum of 10% of their gross income each and every year to the Church in the form of tithing. If your family’s total income for a given year is $125,000, then you must give the Mormon Church at least $12,500.
Most of its $8 to $20 billion each year goes into Church investments. There have been estimates that the Mormon Church uses just 20% of its tithing funds to fund new Temples and cover the Church’s overhead. Begging the question, where do all these billions of dollars go, and should these investments be taxes like any other business?
Much more money goes into Church coffers each year from profits on its vast business empire, gifts and bequeaths to the Church like real estate, stocks, bonds, and money to build Temples. Once a month on Fast Sunday, hundreds of millions of dollars more come pouring into the Mormon Church.
All its holdings and income would make the Mormon Church’s market capitalization bigger than Exxon Mobil and Apple, Inc., two of America’s largest corporations combined.
We will be looking into whether the Mormon Church pays any property taxes, business taxes, sales taxes or income taxes on its massive business portfolio.