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‘Violence tax’ on guns, ammo under fire

October 10, 2012

I appreciate lawmakers efforts to wring as much money as they can out of their jurisdictions. Times are tough for everyone, including governments at every level.

I also appreciate efforts to reduce violence. Any area that wants to keep its residents and grow has to be a safe place to live.

But even I, a fan of some firearm limits, knew the minute I saw the NBCNew headline about a proposed "violence tax" in the greater Chicago area that people would immediately take aim at the idea.


Gun_and_bullets_via DC Crimninal Defense Lawyers blogCook County President Toni Preckwinkle says a tax on guns and ammunition would help solve two problems.

First, Chicago's murder rate is up 25 percent.

A report cited by Preckwinkle's office found that nearly one-third of the guns
recovered on Chicago streets were purchased in suburban gun shops.

Second, Cook County is facing a $115 million budget shortfall in 2013.

Some of the county's funds go to health care for usually uninsured shooting victims. That averages out to around $52,000 per wounded person.

Tennessee has an ammunition tax, according to the Chicago Sun-Times. 

Guns and ammunition also are subject to a
federal excise tax, as well as state and local sales tax in most places.

But it looks like the usual argument that law-abiding gun owners, not criminals, would bear the greater burden will carry a lot of weight if the tax is comes up for formal debate.

And I bet that Chicago area legislators are going to have to come up with other, most likely separate, ways to stem the violence and fill their coffers.

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It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Taxing ammunition will do nothing to stem the crimianl elements of society. It will only adversely effect the honest gun owner.

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