President-elect Joe Biden’s proposed firearm tax could cost gun owners upwards of $30 billion to keep the weapons they already possess, according to The Washington Free Beacon.
Biden plans to mandate both taxation and registration of so-called “assault weapons” and high-capacity magazines under the National Firearms Act (NFA), which requires a $200 fee per item, according to the former vice president’s campaign website. Around 20 million rifles and 150 million magazines would be taxable, leading to a total cost to U.S. gun owners of over $34 billion, according to the Free Beacon.
Walmart has reversed course, announcing it is returning ammunition and firearms to their displays in its U.S. stores.
On Thursday the nation’s largest retailer said it had removed the items from displays due to “civil unrest” in some areas of the country. Guns and ammunition, however, had remained for sale at the stores, just not visible to shoppers.
Remington Arms Co. filed for bankruptcy amid nationwide unrest and surging gun sales.
The firearm company filed for chapter 11 protection, or reorganization bankruptcy, for the second time since 2018, The Wall Street Journal reported Monday. Remington has been in business for over 200 years, according to its webpage.
Historic numbers of background checks to purchase or possess a firearm were done in June, a trend in a year marked by uncertainty over the coronavirus pandemic, a subsequent economic recession, protests over racial injustice and calls to reduce police funding.
FBI numbers released Wednesday show that 3.9 million background checks were conducted last month, the most since the system was created in November 1998 to ensure felons and other prohibited people could not buy or possess a firearm. The previous monthly record came in March, when 3.7 million checks were done. Each week in June is now in the top 10 weeks for background checks.