S. 3512, the Medicare Investment and Gun Violence Prevention Act, would reinstate federal taxes on firearms that were previously eliminated. Specifically, the bill restores a $200 transfer tax on most firearms and a $200 manufacturing tax on newly made firearms (with a reduced $5 rate for certain weapons classified as "any other weapon"). The legislation would take effect 90 days after enactment. All revenue generated from these reinstated taxes would be deposited into the Medicare Part A Trust Fund, which covers hospital insurance for seniors. The bill also appropriates $1.7 billion to the Medicare Part A Trust Fund for fiscal year 2026, with funds remaining available until spent. This affects firearm manufacturers, dealers, and anyone transferring firearms, while the Medicare funding benefits the approximately 66 million Medicare beneficiaries who depend on Part A hospital insurance coverage.
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