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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.
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Actually, tax revenues are least likely to exert great influence as opposed to direct contributions to candidates or parties. Since the churches pay no taxes, their influence is more through those direct contributions in the same manner as, say, a corporation or PAC. We pay taxes, but our influence, financially, is far less than deep pocket contributors. The various churches are in a rather better position because of tax exemptions since, without taxes, they have more cash to distribute, proportionally, than a corporation or private entity paying taxes. Remove the exemptions and you reduce the amount of "disposable" income the churhes would have to influence or leverage policy...
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