Let's hope Bush veto's the latest farm bill

Talk about a big waste of taxpayers monies, the latest farm bill is just that, a big waste..

Officially titled the "Food, Conservation and Energy Act of 2008," the farm bill covers a wide range of agricultural, conservation and nutrition programs. The Congressional Budget Office has reported that the bill will cost $288.97 billion over five years.

One of the most contentious issues that has sparked criticism of farm programs involves subsidy payments to wealthy landowners under the commodity title of the farm bill. The new bill will eliminate the "three-entity rule," a loophole in the previous farm bill that allowed individuals to claim payments under three different corporations or entities. Under the new bill, all payments will be made directly to individuals only. Adjusted gross income caps were included that will exclude from farm program payments anyone who has made more than $500,000 a year in non-farm income. Anyone with farm income that exceeds $750,000 will no longer be allowed to receive direct payments.

http://iowaindependent.com/showDiary.do;jsessionid=C9E2BAC934ACF9C19C88094F37EA5C2E?diaryId=2336

TCS STATEMENT ON HOUSE PASSAGE OF FARM BILL CONFERENCE REPORT


Written Statement by Ms. Ryan Alexander, President of Taxpayers for Common Sense on the House passage of the farm bill conference report.

Washington, DC – The House of Representatives voted to continue business as usual in passing a bloated and wasteful $300 billion farm bill. Instead of reforming farm programs at a time of record profits in farm country, this bill actually increases subsidies and continues to allow millionaire farm households to receive handouts from taxpayers.

To add insult to injury, behind closed doors and at the last minute, a handful of special interest earmarks were air-dropped into the conference report. The House voted for new tax breaks for horse racing and timber companies, millions for salmon fishermen and subsidies to millionaire farmers. Lawmakers missed an opportunity to end the gravy train for fat cat farmers by not increasing the automatic giveaways in the direct payment system and capping payments to wealthy farmers.

Now the Senate has the chance to weigh in on behalf of all taxpayers and reject this bloated piece of legislation. Otherwise, we’re looking forward to a presidential veto.

http://taxpayer.net/TCS/PressReleases/2008/05-14housefarmbillconf.html

Looks like Bush vetoed this bill only to have the house override the veto.. Sad day indeed.. No hope that the Senate would rise to the occation and shut this pork down..