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LDS Church Lost Over 10 Billon This Year, But Avoided Paying Taxes On Huge Gains From Israeli Tech Companies
Posted: Mon Aug 29, 2022 6:25 pm
by Everybody Wang Chung
I know this is just a drop in the bucket for the Church, but if you were wondering about why the Church just changed its Bishop tithing settlement policy, wonder no more:
https://www.msn.com/en-us/money/markets ... estro=true
In related news, it's being reported that the Church avoided paying any taxes on huge gains from Israeli tech companies.
https://en.globes.co.il/en/article-morm ... 1001421538
Re: LDS Church Lost Over 10 Billon This Year, But Avoided Paying Taxes On Huge Gains From Israeli Tech Companies
Posted: Mon Aug 29, 2022 7:33 pm
by BeNotDeceived
It absolutely blows my mind that anyone can still refer to this institution as a 'church' after reading articles like this.
Re: LDS Church Lost Over 10 Billon This Year, But Avoided Paying Taxes On Huge Gains From Israeli Tech Companies
Posted: Mon Aug 29, 2022 8:01 pm
by Dr Moore
$10 billion is just marked-to-market losses on the US stock market holdings, which was about $53 billion before things turned.
The MSN article doesn't even guess at losses in the broader Ensign Peak investments universe, which various estimates peg at $150-200 billion before the market turned.
So that $10 billion loss is just the tally on 1/4 of church investments.
...like a fire is burning?
Seriously though, the church invests with a very long-term horizon. Articles like this are just cheap eye candy. I have no doubt Ensign Peak resume setting new highs in 1-2 years. As it always does. No economy is bad enough to quality as a rainy day at Ensign Peak.