The problem I see with revoking the tax exempt status is it kind of makes things, "official", in terms of church interferring with matters of the state. Yes the church already invokes political influence to varying degrees though it shouldn't. But remove the tax exempt status, and how now it's open season to do what it wants because church dollars will be pumped directly. In the longer view, removing this tax exempt status will only serve to further erode the barrier between church and state.
To be fair, I also maintain that the state has no business interjecting itself with matters of the church either.
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