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Isn't this essentially trying to tax them out of existence? If they all become NFA, isn't there like a $200 fee for each gun? I would have to get rid of 1/2 my collection, there's no way I could afford to pay $200 for each gun that falls in there. I don't want to even think of the bill for the bigger collectors...
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Ah, but that was always the point of the NFA. I suspect that even in the midst of the Great Depression and New Deal, the drafters of the NFA knew that they'd be on shaky Constitutional ground with an outright ban, so instead they chose to regulate so heavily as to create a de facto ban. As bad as $200 per gun sounds in today's dollars, it would have been a small fortune in 1934 dollars (the amount has not changed). Adjusted for inflation, $200 in 1934 would be roughly equivalent to $3,300 in 2011.