heres the fact he fails to discuss, under the proposed law your current guns will mostly fall under the NFA guidelines
http://www.atf.gov/firearms/faq/national-firearms-act-firearms.html#register-nfa(right from ATF web site)
May a private citizen who owns an NFA firearm which is not registered have the firearm registered?
No. The NFA permits only manufacturers, makers, and importers to register firearms. Mere possessors may not register firearms. An unregistered NFA firearm is a contraband firearm, and it is unlawful to possess the weapon. The possessor should contact the nearest ATF office to arrange for its disposition.
under the previous clinton assault weapon ban the semi auto guns WERE NOT classified as NFA firearms , NFA fire arms transfers require a waiting period for approval, NFA classification MANDATES back ground checks, a $200 license fee, written approval by your local law enforcement and MANDATE confiscation, if the firearm has not already been registered because no NEW privately owned firearms MAY BE REGISTERED