First off, unless I'm mistaken, that quote ("For every Jew, a 22") originated with Kahane, who is by most accounting a somewhat less than stable hothead. Or was, that is. The point being that quoting it will not gain you much traction, and will only serve to paint you into a rhetorical corner.
Secondly, it's absurd at face value. It rhymes, yeah. That's the entire extent of its merit. The only things a .22 are good for are a) learning to shoot (on the cheap)/plinking; b) hunting squirrels and similar non-kosher small game; c) mafia-style executions (try persuading your legislator of that as a valid reason!); and d) pissing off a violent attacker.
Now, that out of the way, we're faced with the agitprop du jour.
The term "armor-piercing bullet", as defined by the legislators, outlaws all centerfire hunting ammunition, as well as the sabbotted shotgun slugs the poster above me mentioned. Most likely it'll also outlaw "traditional" shotgun slugs too, since they'll probably kill the wearer even if they don't "pierce" the vest. They pack a hell of a wallop at close range, even though they're useless at anything approaching "rifle distance".
Please don't buy into the propaganda -- either Kahane's or Feinstein's. Use your head, and see past the definitions game.
Did you know that in Feinstein's early "assault weapon" drafts, she had all "repeating arms" defined as "semi-automatic weapons"?
Do you see how the game is played?
First, you demonize a term -- and then, you apply it willy nilly, regardless of any rational application. If it applies legally, then it is moot whether or not the "legal definition" is absurd.
In case you're wondering what's the difference between "repeating arms" and "semi-automatic weapons", it's simple. If you're discussing anything other than a single-shot firearm, it's a "repeating arm".
The old single-action cowboy revolver? "Repeating arm."
Grampaw's old Winchester 30-30 lever-action? "Repeating arm."
That pump or bolt-action deer rifle? "Repeating arm."
I'll shut up now. Hopefully you've had an "ah-hah!" moment. Drop that Kahane tripe, don't try to sound cool using silly stuff, go to the range, meet some people who know what they're talking about, learn to shoot largebore handguns and centerfire rifles, and above all, don't get snowed by the antis with their ever-present word games. They'd redefine the ground out from under you if they ever figured out a way to pull it off.