In their defense, investing in profitable businesses, and seeing both the value of their holdings increase, and realizing the income that comes from it, is just good stewardship. There is nothing wrong with making money, and making lots of it. I can’t fault them for this.
You make some good points. When I see the term “business investments”, I think of an entity investing its money, not going into business itself and hiding behind tax-exempt status. I am aware that the COJCOLDS has some ownership interest in secular businesses; I have heard, for instance, of their ownership of Bonneville International, which operates commercial TV stations. Is that tax-exempt, or is it just a regular, for-profit, taxable business in which the COJCOLDS just happens to be invested? If, on the other hand, the church is running for-profit businesses yet not paying any taxes, that is indeed a problem. I do also realize that the church may be so deeply enmeshed in the
de facto running of these businesses, that it is hard to draw a line, or to see where it is drawn.
And the percentage of that income that actually goes to charitable causes is very low. Most of it gets stashed or invested to make more money. There is no accounting to the membership of where the money goes.
That, too, is a problem. I would expect any church, if they earn huge profits from business or investments, to plow this directly into their missionary efforts, or into educational or charitable institutions. An East Coast diocese has recently been in the news over misappropriation of profits it earned from Texas oil fields it owns (bequest of a wealthy landowner over 100 years ago) — the profits are not immoral, but to use them to fund lavish lifestyles, instead of helping the poor and subsidizing efforts to propagate the Faith, was immoral.