FarmPolicy

November 17, 2018

Video: Sen. Hoeven Notes Budget Savings in Farm Bill

Categories: Farm Bill

On the Senate floor today, John Hoeven (R., N.D.) highlighted the savings contained in the Farm Bill when discussing budget issues.

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Farm Bill; Budget Issues, and the Ag Economy

Farm Bill Issues

Chris Clayton reported yesterday at the DTN Ag Policy Blog that, “Higher-income farmers and the crop-insurance industry are likely going to cope with reduced federal cost-cost share on crop insurance premiums.

“Both the House and Senate Agriculture Committees passed farm bills out of committee without any income limits on crop-insurance premium subsidies. Through a bill amendment and a Sense of the House resolution, both chambers recognized that cutting back the premium subsidy is one small area of bi-partisan agreement among House and Senate leaders.

“The Senate farm bill lowers the premium subsidy for farmers making more than $750,000 in adjusted gross income, or $1.5 million for married couples. Those higher-income farmers would see their premium subsidy lowered 15 percentage points, from a maximum of 62% to 47%. The provision would affect about 20,000 farmers and save $1 billion over 10 years.”

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