No, it is not. You and your church can simply not engage in conduct that is not subject to tax-exempt status, such as commercial or political activity.
I think any and all speech, political, religious, or otherwise, should not be abridged in any way. Ever. I am appalled that there are so-called conservatives that are all in favor of regulating political speech using the tax code.
Once again, tax-exempt is not a right. If you wish to be taxed LESS than other organizations, you agree to stick to charitable work. If you wish to be political, you are taxed the SAME as political organization. There is no curtailment of a right here. If you chose to engage in political speech, you are made EQUAL with others regarding your tax status.
Once again, the NRA does just fine segrating its political and tax-exempt non-political activities. I have yet to see your side even try to deal with that reality as you whine about the unfairness of being taxed for political activity.
Levying taxes because an organization engages in political speech that it wouldn't occur if it didn't engage in political speech is about as clear of an abridgment of the 1st Amendment as I can possibly imagine. It is unbelievable that you can't see that. God help us all.
It's time for the FairTax!!!