Virginia congressman proposes 1,000% tax on certain firearms

A U.S. House Democrat is proposing a federal 1,000% excise tax on assault weapons, and wants to pass it through reconciliation.

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Rep. Donald Beyer, D-Va., is introducing the bill which would tax all AR-15-style weapons at 1,000%, according to Business Insider.

Beyer, a member of the House Ways and Means Committee and chairman of the Joint Economic Committee, told Business Insider that the measure is "sensible gun control."

"What it's intended to do is provide another creative pathway to actually make some sensible gun control happen," Beyer said. "We think that a 1,000% fee on assault weapons is just the kind of restrictive measure that creates enough fiscal impact to qualify for reconciliation."

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A 1,000% tax on AR-15 style guns could add as much as $5,000 to $20,000 to the sale price, as the price for them is typically from $500 to over $2,000.

The report states that several details of the bill aren't finalized yet, according to the report.

Under the legislation which Beyer will propose, bullets would not be included in the 1,000% tax, but high-capacity magazines that have the ability to carry more than 10 rounds of ammunition would be included.