Skip to comments.Senate Votes to Reduce Crop Insurance Subsidies,Save Taxpayer Dollars
Posted on 06/22/2012 5:20:05 PM PDT by mdittmar
[WASHINGTON, D.C.] Assistant Majority Leader Dick Durbin (D-IL) and Senator Tom Coburn, M.D. (R-OK) released the following statement today after the Senate accepted Coburn-Durbin amendment #2439 by a bipartisan vote of 66-33. This amendment is a reasonable step that asks our wealthiest farmers to cover more of their risk by reducing the level of federal premium support for crop insurance participants with an Adjusted Gross Income (AGI) over $750,000 by 15 percentage points for all buy-up policies beyond catastrophic coverage. Further, when fully implemented, this amendment would save more than $1.1 billion dollars over ten years.
The very wealthiest of farmers are those most able to cover more of their own risk, yet we subsidize them at the same rate as we do the middle income and lower income farmers. This amendment is a reasonable reform to an unbalanced subsidy and gives us an avenue for tackling the debt by allowing us to save a billion dollars and not put anyone at risk. We are encouraged our colleagues were able to reach across the aisle today and agree on this straightforward amendment, said Durbin and Coburn.
Text of amendment #2439, here. Background on the amendment, here.
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$1.1 billion over ten years! LOLOLOL
1.1 billion dollars over 10 years , What a savings.
What part of 1.6 trillion dollars a year in debt is that?
I can’t handle that many zeros, I’ve forgotten how to use a calculator with scientific notation, and frankly, I could never handle math to begin with . . . .
It’s a whopping 0.006875%.
This is horrible. Why shouldn’t you be able to get the same benefits that others get just because you make more? You pay more in taxes, then have to pay more for college (for your kids), etc. and now this as well?
Coburn is becoming a RINO.
if this idea lasts two years I’ll be amaazed. Remember “Freedom to Farm” that ended subsudies to all sorts of farm groups - that ended under Denny and Tom (the soon to be convict) Delay.