Wednesday, January 31, 2007

Farm Cuts

President Bush wants to cut farm subsidies. His plan would leave the popular subsidy program in place -- just do some pruning off the top.

Under the President's plan, farmers making less than $200,000 in adjusted gross annual income could still recieve the government money. The current cap is $2.5 million a year in gross income. From the AP:

That would rule out payments for about 80,000 producers who currently are eligible, officials said. Those producers collect about 4.5 percent of overall farm payments. The limit on payments would save an estimated $1.5 billion over 10 years.
The Environmental Working Group is one of the most vocal critics of farm subsidies. Sirector Ken Cook says the plan could eliminate rich, absentee farm investors. That list has included people like billionaire Ted Turner, newscaster Sam Donaldson, and basketball star Scottie Pippen in the past. (AP)

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