Have not read the proposed legislation, but, it should remove the taxes associated with everything NFA related. At $200 a pop, M67s are getting harder and harder to stock up on.

In all seriousness, I would prefer it being the inverse. No registration of NFA items, work on getting the tax repealed after that. But, the Republic was not destroyed in a day, or in one bill, so it definitely wont be reinstated without playing the long game. See the advancement of Constitutional Carry. What are we at? 30/50 States? Up from 1/50 in the last 35 years or so?