New Legislation Would Hit Assault Weapon Manufacturers With 20% Tax

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Under new proposed federal legislation, assault weapon manufacturers would be hit with a 20% tax.

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Following a three-month-long government investigation into the gun manufacturing industry after a rash of shooting incidents this year -- including the now-infamous Uvalde, TX school shooting and a mall shooting incident in Greenwood, IN -- House Oversight Committee Chairwoman Carolyn B. Maloney (D-N.Y.) is introducing two new pieces of legislation.

The Washington Post reported on the two new bills, known as the Firearm Industry Fairness Act and the Firearm Industry Crime and Trafficking Accountability Act:

The proposed legislation includes a bill that would impose a 20 percent tax on the total revenue earned by manufacturers of assault weapons and high-capacity magazines and a bill that would require each firearm manufacturer to create and implement a system to track and analyze crimes committed with firearms they have sold.

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Just prior to the legislation being drafted, Maloney's committee issued a report that found that five of the largest gun manufacturers in the United States are not currently tracking crimes associated with their products.

Furthermore, firearm brands earned more than $1 billion from the sales of AR-15-style assault weapons over the last decade.

In a statement shared by the Post, Maloney clarified that, “the family hunting rifle is not taxed at the same rate as an assault weapon, and would ensure that the firearm industry, like other industries in America, takes responsibility for the safety and misuse of its products."

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It is worth noting that the assault-style weapon ban recently passed by the U.S. House of Representatives is unlikely to make it out of the Senate.

Do you want to see this new legislation pass when it is presented?

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