What's Next For the NFA

In this episode we give a quick update on the Big Beautiful Bill and the impact on the NFA.

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Transcript

0:15

Well, welcome to the live Shoot podcast. My name is Jeff Doddle. I've been a licensed farm dealer for the last 18 years in this podcast to talk about all things related, the amendment as well as anything else. Going on in the world, a sports story or anything else I might find interesting. So welcome, welcome all. Yes. This is podcast where we talk all things about the Second Amendment and God, our, our, our liberty and our freedoms associated with it. So I welcome you and I appreciate you listening. So one to. Touch base with you and find talked about now, what is next after the big beautiful bill and to catch y'all up if you haven't been following the, the story. The big beautiful bill, the budget reconciliation bill that just got signed by President Trump last week and has been in the news for several months now. In terms of, of what are we gonna do to reconcile our current, our budget has involved the second Amendment, our national Firearms Act suppressors, short barrel rifles, and it's kind of gone back and forth as things have evolved. So it originally started out in the, in the house. And in the house they put in some language that basically pulled. Silencers suppressors from from the National Firearms Act, it would negate the$200 tax. And since you're not paying a tax and the that would then negate any of the registration, fingerprints photos and registration associated with it. And to step back even further, the National Firearms Act, which regulates. Things that they deem to be. Even more dangerous fully auto full out rifles suppressors, short barrel rifles, short barrel shotguns primarily and some, any other weapon type things that get that, get in there. And what it did is sent the gun grabbers. Didn't, couldn't get it passed to ban these because they would violate the second Amendment. They decided to tax them. And this goes back 1936, I guess maybe 34 of'em. I'd have to pull it up, I can't remember. And what they did is they said, we're just gonna tax it. We're gonna put a tax on it. And that tax was$200. And at the time, that was, that tax hasn't changed. So it was$200 in the. Thirties and it's$200 today. So you can imagine how expensive that$200 was back in, in the thirties and forties as compared today. It's still is a significant amount when you apply it to a suppressor. It sometimes it can almost double the cost at times. But anyway, they decided to tax it and so to do that they. The National Farms Act is part of the IRS code, and they put in certain rules and regulations around how that tax would be collected and tracked. And that means registering the firearm, getting photos, fingerprints of the people paying the tax and registering the firearm. And in the house when they submitted the, the ability to, to remove the tax. They also submit the ability to track the paying of the tax. Go over to the Senate. The Senate puts language in and they even go a step further and they put in the language to cover short belt rifles and short belt shotguns. The the house at the time didn't feel that they would be able to get that approved. The Senate puts it in, it goes to what we all came to find out about the Senate parliamentarian and that she is just a government employee not elected that reviews what the Senate is proposing and its legislation and decides whether or not they can actually do it. A lot of debate around this position, this person. The amount of power she has and I it is a, it is a she. I'm using the, the correct pronoun, not just in general and she said that you could remove the tax because this, it, it was a budgetary tax item, which is what the reconciliation Bill Ki covered. But you could not remove the registration requirements. So it gets approved by the Senate. And then since it all changed, it had to go back to the house. And the final bill that got approved by the house and signed by the president, is that the. 200 tax has been removed, but for short rail rifles, shotguns, and suppressors full auto and any other weapons still pertain. But you're not gonna pay the 200 tax, but you are gonna have to go ahead and still get it registered. Fingerprinted, passport photos submitted for the approval process and such, and that was signed off. So first question is, is. When, when's this gonna go into effect? And by all accounts the language in the, in the law and what the A TF is saying, it is going to go into effect January 1st, 2027. So we are talking you know, five more months or six months I guess. And then you will not be able to pay, you won't have to pay a tax to purchase a suppressor or short or short rail rifle. So. That's a good thing. We are celebrating that we're gonna take victories that we can get and continue the fight on. From my point of view, one thing I, and I am sure the manufacturers and retailers out there that make their living selling these things are not gonna sell many silencers or short barrel rifles between now and January one. Why would you sell buy one now when you don't and, and pay the tax when in six months you're not gonna have to pay the tax. So I see that those sales dropping off significantly. And I'm hoping that places like Sounder Shop and all those places that, that rely on those types of things get get it approved or, or, you know, get through this, this period. I. I make a little money doing transfers. I just renewed my SOT That's not cheap. It's$500 a year to be, to be able to do NFA items. And so you know that that will hurt a little bit for me. But, you know, I don't pay my bills based on the income I make doing transfers on, on silencers. So, but, now with all that being said, now lawsuits are, are flying about as well, and the places like Palm Metal, state Armory, silencer Shop NRA gun Owners of America Second Amendment Foundation, have all stepped up and said, Hey, wait a minute. You can't take away the tax and keep, keep a tax law without a tax, without a tax being collected. There is no reason for the law. So they are suing to the extent that says, Hey, yeah, you are not gonna collect the tax. But now you, you know, this makes no sense. Why are we still tracking this in, in tax law and requiring the registration? And, and such. So that's all happening now. I don't know how long that's gonna take to, to sort out in the courts. Ideally that would get through pretty quick because it seems like it's pretty straightforward. But it does feel like one of those things that's gonna go all the way up to the Supreme Court. But we will see, we, you'll see how how aggressive the, a TF The Department of Justice wants to defend this law, I guess, or maybe the IRS, maybe you're suing the IRS, I don't know, actually don't know who, who, who's gonna be this. That's all to be sorted out. So those are things that have been going on and we're gonna keep an eye on it. Good news, that all is good news. You know, little bits of victories for the Second Amendment along the way. But, so we'll keep you up to date as to what's happening, but you know, hey, start, you know, saving your money, you know? And if you haven't ever bought suppressor go ahead and, and if you wanna do it under a, a, a trust, you know, start getting that paperwork and all that ready. So come January one, you know, you can even, you know, you know, start ordering suppressors. I imagine places like silencer shop and all those are gonna start running some pretty good sales on'em to get you to buy'em now and maybe hold off on. Transferring it and getting it made, registered until the tax is is available. You can, you know, if you wanna use me, you can ship it to me. I'll hold it till it's time to register it so you can buy it now, ship it to me and I will hold off on doing the transfer for you till it's, till it's time to, to avoid the tax. And I'm sure there's others out there that'll be as it's accommodating. So keep that in mind and appreciate it. Take care. Have a good week, and I am going to be celebrating my wife's birthday this week, this weekend. So that is going on in my life. And in the past I have talked about Bitcoin, about the, the, what I believe the future is in terms of Bitcoin and, and having a solid asset that that cannot be, they based and it's true money. And if you have not watched over the last few days, what's happening to it should go look at its prices. It's, it is, it is starting to move. And I think some of the predictions of a$250,000 Bitcoin by into the. Year or maybe by within a year could be happening. But, you know, that is another topic. And maybe when I don't have something else to talk about, we'll have another podcast on Bitcoin we will see. But maybe we'll go back and, and do a, just an intro class to it for those that haven't listened before. Just to, get it back on the, because again, I think it's something that's gonna be central to, to any portfolio that you have, but I am not giving out financial advice. So take care. Have a great weekend and I will talk to you later.