Connect with us

Hi, what are you looking for?

Right Decision NowRight Decision Now

World News

California enacts first state tax on guns, ammunition in US

LOS ANGELES — California Governor Gavin Newsom on Tuesday signed into law a first-in-the-nation state excise tax on sales of firearms and ammunition, aimed at raising a projected $160 million annually to prevent gun violence in schools and elsewhere.

The California excise tax, due to go into effect in July 2024, will essentially add an 11% levy on top of the existing federal excise gun and ammo tax, a rate of 10 or 11%, depending on the type of weapon.

The measure, part of a package of gun safety bills signed by Mr. Newsom, was enacted four days after a federal judge struck down a California ban on high-capacity ammunition magazines, ruling that it unconstitutionally infringed on Second Amendment rights of gun owners.

Mr. Newsom’s office said his action on gun safety also came in “the wake of shootings across the country that have left at least 104 people dead over the past 74 hours.”

“While radical judges continue to strip away our ability to keep people safe, California will keep fighting — because gun safety laws work,” Mr. Newsom, a Democrat, said in a statement.

Mr. Newsom said data showed the rate of gun-related deaths in California, home to some of the most stringent firearms laws in the US is more than 40% lower than the national average.

The California excise tax would be collected on the gross receipts of manufacturers, retailers and dealers derived from gun and bullet sales in the state.

The tax measure was one of nearly two dozen gun safety bills passed during the latest session of the Democratic-controlled California legislature and signed by Mr. Newsom days after his administration vowed to appeal last week’s federal court ruling on high-capacity magazines.

One prominent bill from Tuesday’s package is aimed at toughening California’s concealed gun permit law, raising from 18 to 21 the minimum age at which a gun owner can apply for such a permit, increasing advance training requirements and banning alcohol consumption while carrying a concealed weapon.

Sponsors said the measure, which also would bar concealed weapons altogether in airports, around schools and other sensitive zones, was crafted in such a way as to protect the measure from conservative legal challenges.

Still, the California Rifle & Pistol Association, a gun rights advocacy group, posted a statement on the social media platform X saying it had already filed a “preemptive lawsuit” against the measure.

Supporters of the new tax pointed to a 2021 report by gun control advocates that found gun deaths and injuries cost California $22.6 billion annually, of which $1.2 billion is paid directly by taxpayers every year. — Reuters

    You May Also Like

    Business

    The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...

    World News

    BEIJING — China landed an uncrewed spacecraft on the far side of the moon on Sunday, overcoming a key hurdle in its landmark mission...

    World News

    LONDON — Talks aimed at reaching a global agreement on how to better fight pandemics will be concluded by 2025 or earlier if possible,...

    World News

    SINGAPORE — Ukrainian President Volodmyr Zelensky’s unscheduled appearance at Asia’s biggest security conference dominated proceedings on Sunday after China’s defense chief slammed “separatists” in...

    Disclaimer: rightdecisionnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 rightdecisionnow.com | All Rights Reserved