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RIFLE Act Aimes to Lower Taxes on Gun Purchases

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By Nomad_Soul @ Adobe Stock

A group of GOP legislators is pushing for the passage of the RIFLE Act in Congress and the Senate. The legislation would eliminate taxes from firearm sales/purchases currently regulated by the National Firearms Act. Fox News’s Andrea Vacchiano reports:

Sen. Tom Cotton, R-Ark., and other Senate Republicans recently introduced legislation that would abolish transfer taxes on firearms regulated under the National Firearms Act (NFA).

The bill, called the Repealing Illegal Freedom and Liberty Excises (RIFLE) Act, was announced on Wednesday. According to a press statement released by Cotton, the law “would remove a burdensome tax imposed on firearms regulated under the National Firearms Act.”

The press release explains that the NFA has taxed the transfers of short-barreled shotguns and rifles and fully automatic firearms since 1934. The tax has been $200 since 1934, a sum that is equal to nearly $4,700 in 2024 dollars.

Specifically, the bill seeks to eliminate Section 5811 of the Internal Revenue Code of 1986, effectively repealing the transfer tax for all firearms regulated by the NFA.

“The RIFLE Act does not modify the current checks and registration; it solely removes the federally mandated financial burden on law-abiding gun owners,” the press release adds.

Speaking to Fox News Digital on Wednesday, Ambler Law attorney Oliver Krawczyk said that the current taxes on firearms are “indistinguishable from poll taxes.” The lawyer, who specializes in Second Amendment law, called the legislation “a step in the right direction.”

“This would undermine the constitutional basis of the NFA altogether, because it’s a purported exercise of Congress’s enumerated taxing power,” Krawczyk added. “But the Founders would have scoffed at the notion that it could be a felony to possess a short-barreled rifle or shotgun in the first place.”

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

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