The New National Firearms Act Modernization Bill Increases Tax for NFA Regulated Items

U.S. Rep. Jamie Raskin (D-MD) introduced the National Firearms Act Modernization Act seeking to increase the transfer tax for NFA-regulated items.

H.R.2427 titled: “to amend the Internal Revenue Code of 1986 to increase the transfer tax on certain firearms, and for other purposes” was introduced as Biden announced executive actions on gun control. it was referred to the Ways and Means and Judiciary House committees.

Raskin is among the gun grabbers who issued statements praising Biden and Harris for taking strong executive action to address the “gun violence public health epidemic.”

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Meanwhile, The National Firearms Act Modernization Act would increase the transfer cost of regulated items including machine guns, short-barreled rifles (SBRs), and suppressors, among others, by 50%. The cost would also be adjusted regularly to reflect the cost of living.

" ... the tax amount has not increased since 1934; a tax of $200 in 1934 would be the equivalent of a tax of $3,925 in 2021. The NFA Modernization Act would enact a long-overdue yet modest increase of the tax from $200 to $300 and tie the increase to inflation on an annual basis starting in 2022," Raskin said.

The National Shooting Sports Foundation estimated that imposition of NFA tax on modern sporting rifles and “large capacity” magazines would cost Americans $34 billion at the current NFA tax rate.

Biden announced plans to regulate pistol braces which are estimated to be up to 40 million. Democrats also requested Biden regulate large AR-15 pistols using executive orders.

Raskin says the additional funds would be used in violence prevention programs distributed through various DOJ programs.

Rep. Raskin also sponsored another bill, H.R.2426 or State Access to Firearms Evading Revocation (SAFER) Act prohibiting “the transfer of a firearm to a person whose state license to purchase, own, or possess a firearm has been revoked, or a person who has been ordered by a State court to surrender all firearms.”

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