This is Why Churches Shouldn't be Tax Exempt
Obama's minister is retiring to his 10,340 square foot, four bedroom home in Chicago. The property for the mansion was bought by Wright, then sold to the church, to be held as a living trust. Public records of the sale show Trinity initially obtained a $10 million bank loan to purchase the property and build a new house on the land.
But further investigation with tax and real estate attorneys showed that the church had actually secured a $1.6 million mortgage for the home purchase, and attached a $10 million line of credit, for reasons unspecified in the paperwork.
Because churches are classified as private businesses, Trinity isn’t required to reveal its intended use for the line of credit. Nor, because it’s a non-profit entity, is it required to provide that information to the IRS.
So where did the $10Million go? Eh, nobody knows.
Considering Chicago's taxes, isn't it nice that Rev Wright doesn't have to pay any property taxes on his retirement mansion?