Site icon Money & Markets, LLC

Warren Wants to Combat Gun Violence With Massive Firearm Tax Hike

Elizabeth Warren taxes tax gun viollence

Massachusetts Senator and 2020 hopeful Elizabeth Warren unveiled her latest policy plan over the weekend, proposing to combat gun violence by tripling the tax on firearm sales, plus an even higher tax on ammunition.

The plan was released via a blog on Medium and comes in the wake of back-to-back mass shooting in El Paso, Texas, and Dayton, Ohio, that saw 31 people killed. Warren claims her plan, signed into law via executive action and legislation, will reduce gun deaths by 80%.

“In 2017, almost 40,000 people died from guns in the United States. My goal as President, and our goal as a society, will be to reduce that number by 80%,” she wrote. “We might not know how to get all the way there yet. But we’ll start by implementing solutions that we believe will work. We’ll continue by constantly revisiting and updating those solutions based on new public health research. And we’ll make structural changes to end the ability of corrupt extremists to block our government from defending the lives of our people — starting with ending the filibuster.”

Here’s what Warren’s plan will look like, and these are the actions she would take via executive order:

And here’s what she will leave to Congress:

Warren also would budget $100 million each year for the Justice Department and Health and Human Services to research the “root cause of gun violence and the most effective ways to prevent it.”

Warren of course laid most of the blame on the National Rifle Association.

“Not only have we not passed meaningful legislation in almost a generation, but thanks to the NRA, for decades Congress prohibited federal funding from being used to promote gun safety at all, effectively freezing nearly all research on ways to reduce gun violence,” Warren wrote. “Last year, Congress finally clarified that the (Centers for Disease Control and Prevention) could in fact conduct gun violence research — but provided no funding to do so.”

Congress has done next to nothing when it comes to gun control legislation in recent years. However, President Donald Trump said Friday he is in talks with Congress about “meaningful background checks,” but that he also is in talks with the NRA “so that their very strong views can be fully represented.”