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What a great idea, actually.
Taxing guns sounds nice on paper but I think there is a fundamental flaw in doing so. Lets assume you have a gun registry where 95% of the guns in the US are registered. 5% are not. Those 95% get taxed each month for owning a gun. Assuming that as taxes are raised, some of that 95% population with guns will sell or destroy their guns. Some wont. Some will even go as far as not registering anymore. So in reality, you will have a growing population of people who own unregistered guns. You will also get a large number of people who won't own guns. Will this stop gangs from getting guns and shooting people? Doubtful. Will this stop school shootings? Possibly. Will it stop crazy farmers from shooting fleeing Mexicans? Probably.
We can apply the same logic to people that smoke. Assume that the smoking tax gets bumped up not once, but several times over the course of a decade. Some people will stop smoking. Some wont. Some will go as far as to grow tobacco or get it in bulk from farmers or by illegal means. The people who are addicted to the point where they cannot afford smokes will find a way to get their fix.
For example, I had a co-worker who apposed the newly increased tax on smokes in Canada. He purposely drove out into an Indian reserve and bought large canisters of raw tobacco. He paid a quarter of the price for it (since it wasn't taxed) and had enough tobacco for months. All he needed to buy himself was rolling paper or a pipe.
I do agree with some of the previous posts; Banning something does not work. You have the greatest example of a substance that was banned that almost everyone used: Alcohol. I the 1920-30s they banned Alcohol which started a huge underground movement. Not only did it cost people money, it also ruined lives. Go look it up.