It would hurt a lot of churches. On the other hand, they could campaign from the pulpit (like some already do) and the government would have no say in the matter. Churches would be free to explicitly endorse candidates and denounce other candidates. The government would have to figure some other way to muzzle the pastors and priests.
Considering how now the Catholic Church is shilling for illegal immigration and against global warming, perhaps their tax-exempt status needs to be pulled.
also Scientology and other “religions” would be taxed