House Oversight Committee chairwoman Carolyn Maloney (D-NY) is pushing legislation that levies a 20 percent tax on AR-15 makers’ revenue.
The legislation is called the Firearms Industry Fairness Act.
NBC News reports the levy would “impose a 20% tax on the total revenue earned by manufacturers who produce assault weapons and high-capacity magazines.”
Maloney tweeted about the legislation on August 22:
Maloney’s push to place additional taxes on AR-15 and “high capacity” magazine manufacturers comes after the House Oversight Committee’s July 27, 2022, hearings in which they questioned the CEOs of Daniel Defense and Sturm, Ruger & Co.
Breitbart News reported that the Associated Press emerged from the hearings completely aghast the gun industry profits from selling guns.
The hearing was framed around “examining the practices and profits of gun manufacturers,” and it was lead by chairwoman Maloney.
The AP expressed its astonishment over gun manufacturers making profit by noting, “A U.S. House investigation has found that gun manufacturers have taken in more than $1 billion from selling AR-15-style guns over the past decade.”
Breitbart News pointed out one billion over ten years is nothing compared to the amount of money made in other industries.
For example, the New York Times pointed out Ford Motor Company made $17.9 billion in 2021 and Macrotrends noted that Waste Management’s gross profit for 2021 was $6.8 billion.
The Verge observed Tesla made $3.3 billion in first quarter of 2022 alone.
AWR Hawkins is an award-winning Second Amendment columnist for Breitbart News and the writer/curator of Down Range with AWR Hawkins, a weekly newsletter focused on all things Second Amendment, also for Breitbart News. He is the political analyst for Armed American Radio and a Turning Point USA Ambassador. Follow him on Instagram: @awr_hawkins. Reach him at awrhawkins@breitbart.com. You can sign up to get Down Range at breitbart.com/downrange.