But what if I make my own bullets? (...when I’m not tending the still, of course.)
I always wonder about that. I have several reloading presses; I can easily put together thousands of cartridges in a day on either a progressive or turret press.
I suppose they would try to tax primers and possibly brass, powder, and manufactured bullets. I cast my own bullets. I reuse my brass. I have heard that it is a lot of trouble and I have never tried it, but primers can be reused. I have read discussions about making powder. If the authorities try to tax ammo out of existence... creative individuals will find a way to get around it.