The bill would also increase the transfer tax on all weapons (except antique guns) covered under the National Firearms Act (which excludes most common guns) from $200 to $500 and index to inflation and increase the transfer tax for any other weapon from $5 to $100.
The “Gun Violence Prevention and Safe Communities Act,” a bill sponsored by William Pascrell, D-NJ, and Danny Davis, D-IL., would nearly double the current 11 percent tax on handguns, while raising the levy on bullets and cartridges from 11 to 50 percent.
Said Rep. Pascrell, co-Chair of the House Law Enforcement Caucus and member of the Ways and Means Committee, “It has been well over two decades since tax rates were last adjusted on firearms and ammunition, and I believe it is appropriate that we look to these taxes as a way to direct additional resources to law enforcement, background checks and gun violence research.”
The lawmakers say the bill would generate $600 million per year, which they claim would be used to fund law-enforcement and gun violence prevention. The bill would exempt all federal, state and local agencies, including police departments, from paying the tax.
“What the anti-gun interests can’t ban, they want to tax it out of existence,” Alan Gottlieb, chairman for the Citizens Committee for the Right to Keep and Bear Arms, told FoxNews.com. “It’s nothing more than confiscatory taxation.”
The bill includes the following provisions:
- Increase in federal excise tax on handguns (both pistols and revolvers) from 11% to 20%
- Increase in federal excise tax on ammunition from 11% to 50%
- Increase in NFA tax (pre-’86 autos, SBRs, suppressors, etc.) from $200 to $500
- Increase in NFA AOW tax from $5 to $100
- Increase in special (occupational) tax for importers, manufacturers, and dealers
- Adds semiautomatic pistols “chambered for cartridges commonly considered rifle rounds, configured with receivers commonly associated with rifles and capable of accepting detachable magazines” to the list of items taxable as NFA items (26 USC § 5845)
John Lott Jr: It must be obvious to everyone now that since Democrats can’t completely ban guns, they want to tax them out of existence.
Share your thoughts on this proposed bill in the comment section.
Tags: Ammunition, Danny Davis, federal excise tax, Firearms, National Firearms Act, NFA AOW tax, NFA items, NFA tax, SBRs, semiautomatic pistols, special (occupational) tax, suppressors, tax, William Pascrell
Trackback from your site.