“The move would save $1.3 billion over a decade by reducing the premium subsidy for growers with more than $750,000 of adjusted gross income.
…
The government currently picks up 62 cents of each $1 in crop insurance premiums. The subsidy would drop to 47 percent for the top 1 percent of growers under the latest amendment.”
Perhaps they should also stop subsidizing them for not growing crops as well. They should be encouraged to grow crops for export and reduce our balance of payments problem. This country actually imports crops from other countries when we have a climate capable of feeding ourselves with no problem.
You have to understand how farming works. The gross income is far different than the net income. A piece of farm equipment can cost up to $350,000. Fertilizer, seed, fuel, maintenance to run the tractors, trucks, combines, etc., also figures heavily into the cost. If people seen what farmer’s bills were, they would be shocked. There is no other occupation like farming. THe wealthiest farmers also have higher input costs so of course their gross premium is higher.
Crop subsidies or subsidies for crop insurance should be cut across the board, not just for the wealthiest farmers. But I guess any cut is a good place to start with a $17 trillion national debt and $1.2 trillion annual deficits.
“The move would save $1.3 billion over a decade by reducing the premium subsidy for growers with more than $750,000 of adjusted gross income.
…
The government currently picks up 62 cents of each $1 in crop insurance premiums. The subsidy would drop to 47 percent for the top 1 percent of growers under the latest amendment.”
Sounds like a very reasonable compromise to me!
Perhaps they should also stop subsidizing them for not growing crops as well. They should be encouraged to grow crops for export and reduce our balance of payments problem. This country actually imports crops from other countries when we have a climate capable of feeding ourselves with no problem.
You have to understand how farming works. The gross income is far different than the net income. A piece of farm equipment can cost up to $350,000. Fertilizer, seed, fuel, maintenance to run the tractors, trucks, combines, etc., also figures heavily into the cost. If people seen what farmer’s bills were, they would be shocked. There is no other occupation like farming. THe wealthiest farmers also have higher input costs so of course their gross premium is higher.
Crop subsidies or subsidies for crop insurance should be cut across the board, not just for the wealthiest farmers. But I guess any cut is a good place to start with a $17 trillion national debt and $1.2 trillion annual deficits.
When the article references ‘wealthiest’ farmers, I am assuming they mean corporate farms, not an American Gothic guy in a John Deere hat.