What Critics Are Saying
Response to Critics View
Members of the LDS Church pay something called tithing to the Church. Tithing is ten percent of their income. However, the Mormon Church has still gone through periods of financial stability and instability. Starting in the 1960s, leaders of the Mormon Church adopted a policy of not spending more than the Church receives in tithing as well as saving money for a rainy day. The Mormon Church created an investment firm called Ensign Peak to practice investing money in the future. Ensign Peak takes a small portion of the unused tithing and invests it. The returns on these investments have been used to fund other projects like the creation of City Creek Mall. City Creek was created in the hopes of beautifying and bringing prosperity to the area around Temple Square. Another project Ensign Peak’s investment returns helped was Beneficial Life, a life insurance company run by Mormon Church. A former employee of Ensign Peak filed a complaint with the IRS, stating that the Mormon Church should not get to file its taxes as a church or charity institution because of their investments in other businesses. The leadership of the LDS Church has responded to this by stating that investing for future economic instability is a wise practice and the church complies with all taxes and laws.