OwnTheRide
.223 Rem
I disagree. "Arms," IMO, refer to "weapons commonly carried by a soldier of his time." So, today, that would include rifles, pistols, shotguns, machine guns, RPGs, and grenades. It would cover tracers, armor-piercing, incendiary, hollow point, and FMJ ammo. It might extend to things like drones and shoulder-launched anti-air weaponry.This is a good first step. I am serious when I state this, but I believe based on the history of privateers in revolutionary times, that all arms held by private citizens are equal to that of standing armies. The 2nd if interpreted in that matrix includes private ownership of any and all arms akin to the government, up to and including nuclear weapons.
In a nutshell, if you can afford it, you can have it.
But soldiers do not carry nukes. Now, if soldiers carrying small suitcase nukes becomes a thing - and a common one, at that - then it would be covered.