Mormon church fined over scheme to hide $32 billion investment fund behind shell companies
Mormon church fined over scheme to hide $32 billion investment fund behind shell companies
The Church of Jesus Christ of Latter-day Saints engaged in the scheme for more than 20 years.
And this, folks, is why we should tax religious organizations….
Like every other country I know of.(edit, apparently I knew less than I thought I did. I think what I did was conflate a 'church tax' with churches paying income tax. apparently that's a thing where the state collects your tithe for you... if you attend or whatever.)Why don't they do it? There's no logical explanation for it.
A long time ago, it was so that they could use the additional resources for helping the needy and less fortunate instead of the government. The idea being a Church was a community organization and would know better than the government what the community needed.
In order to get the tax credit, the church agreed to never get involved politically with anything.
Fast forward to now, and churches are violating that agreement in a big way
Now they deserve to be taxed.
For the same reason we don’t tax the rich. Corruption.
Historically, the church was the source of social safety nets in society. in the modern era, that's changed to government-ran safety nets (well fare, social security, etc).
there was also some even older precedence of the church running some of the government, so that was payment for that.
What are some countries that tax religious orgs? I honestly can't think of any.
It seems I made a mistake in that assertion, or missremembering the last time I looked into it. regardless i was wrong about other (western) countries not including religious orgs as tax exempt.
$5 million fine, eh? That's merely the cost of doing business.
Not really. It’s way way less than that
Oh his, I was about to say a five million fine goes against the tenets of Monopoly Man, bless his appointed CEOs on Earth
It's just so politicians can say they levied multimillion dollar fines. And the voters are placated.
If the average APY is 5%, it's about a day of interest.
Yeah we need to set fines to amount attempted to savelikelihood of getting away with itpenalty modifier. They do this math before committing these crimes, the fine needs to actually deter them
tl;dr:
$32,000,000,000 fraud $5,000,000 fineSo they were charged a 0.016% transaction fee.
Ah yes, 5m of the 150+B in the bank.
That's ... Nothing
Is that even a month's interest on $32B?
1.5 days
Fucking hell. The penalty should be like 90% above for anything over $5M. So a tidy $28.8B. Bet they won't try that shit again.
Literally feel like I got the wind knocked out of me
Just like Jesus taught us….no wait.
Step 1: Jesus
Step 2: Joseph Smith
Step 3: prophet
Dum dum dum dum dum!
Ah yes, the cost of doing BUSINESS
Their not just screwing kids. They're screwing everyone.
The priesthood was invented when the first knave met the first fool.
Nah. The first knave got away with "Holy shit! Look!" frantic pointing all day long. It was later knaves who invented religion. The fools got wise to the basics.
It's a Voltaire quotation, I should have mentioned.
What’s new?
They have one extra m in their name