The legislation is called the Firearms Industry Fairness Act.

NBC News reports the levy would “impose a 20% tax on the total revenue earned by manufacturers who produce assault weapons and high-capacity magazines.”

Maloney tweeted about the legislation on August 22:

My Firearm Industry Fairness Act will tax assault weapons manufacturers 20% off ALL revenue and my Firearm Industry Crime and Trafficking Accountability Act will prohibit the selling of guns to retailers if selling leads to a high risk of criminal activity.

Maloney’s push to place additional taxes on AR-15 and “high capacity” magazine manufacturers comes after the House Oversight Committee’s July 27, 2022, hearings in which they questioned the CEOs of Daniel Defense and Sturm, Ruger & Co.

Breitbart News reported that the Associated Press emerged from the hearings  completely aghast the gun industry profits from selling guns.