New Tax on Assault Weapons and High-Capacity Magazines
This bill introduces a significant new tax on the sale of certain semi-automatic firearms and high-capacity ammunition feeding devices. This means manufacturers, and consequently buyers, will pay substantially more for these items. The aim is to reduce the availability of such weaponry by increasing its cost.
Key points
Imposes an additional 1000% excise tax on the sale of semi-automatic assault weapons and large capacity ammunition feeding devices (over 10 rounds).
The tax applies to manufacturers, producers, or importers, likely leading to higher prices for consumers.
Clearly defines which types of firearms and magazines are subject to this new tax, excluding certain sporting or hunting firearms.
Purchases of these items by the U.S. government, states, or local governments are exempt from this tax.
Expired
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