Here's the mall:
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.
On the morning of its grand opening, thousands of shoppers thronged downtown Salt Lake, eager to elbow their way into the stores. The national anthem played, and Henry B. Eyring, one of Monson’s top counselors, told the crowds, “Everything that we see around us is evidence of the long-standing commitment of the Church of Jesus Christ of Latter-day Saints to Salt Lake City.” When it came time to cut the mall’s flouncy pink ribbon, Monson, flanked by Utah dignitaries, cheered, “One, two, three—let’s go shopping!”
The theme park:
In addition, the church owns several nonprofit organizations, some of which appear to be lucrative. Take, for example, the Polynesian Cultural Center (PCC), a 42-acre tropical theme park on Oahu’s north shore that hosts luaus, canoe rides, and tours through seven simulated Polynesian villages. General-admission adult tickets cost $49.95; VIP tickets cost up to $228.95. In 2010 the PCC had net assets worth $70 million and collected $23 million in ticket sales alone, as well as $36 million in tax-free donations. The PCC’s president, meanwhile, received a salary of $296,000. At the local level, the PCC, opened in 1963, began paying commercial property taxes in 1992, when the Land and Tax Appeal Court of Hawaii ruled that the theme park “is not for charitable purposes” and is, in fact, a “commercial enterprise and business undertaking.” Nevertheless, the tourist destination remains exempt from federal taxes because the PCC claims to be a “living museum” and an education-oriented charity that employs students who work at the center to pay their way through church-run Brigham Young University-Hawaii.
And if Romney or another rich Mormon finds they face a capital gains tax bill? Well, give it away to their church, which doesn't have to pay the tax, and carries on such charitable activities as, uh, building malls and theme parks:
As a religious organization, the LDS Church enjoys several tax advantages. Like other churches, it is often exempt from paying taxes on the real estate properties it leases out, even to commercial entities, says tax lawyer David Miller, who is not Mormon. The church also doesn’t pay taxes on donated funds and holdings. Mitt Romney and others at Bain Capital, the private equity firm he co-founded in 1984, gave the Mormon Church millions’ worth of stock holdings obtained through Bain deals, according to Reuters. Between 1997 and 2009, these included $2 million in Burger King (BKW) and $1 million in Domino’s Pizza (DPZ) shares. Under U.S. law, churches can legally turn around and sell donated stock without paying capital-gains taxes, a clear advantage for both donor and receiver.
http://www.businessweek.com/printer/articles/61700-how-the-mormons-make-moneyThe point is: they're not making fun of the faith. There's nothing on that cover about the faith; it's about the business deals of the incredibly rich church, and its sweet tax position, and how incongruous it is for a religion.
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