House panel votes to ban subsidies to millionaire farmers

[JeffWartman]

This isn't the end, but it's a step in the right direction: to permanently end farm subsidies across the board

Millionaire farmers could lose subsidies
By MARY CLARE JALONICK, Associated Press Writer
Wed Jul 18, 7:46 PM ET

WASHINGTON - The House Agriculture Committee voted Wednesday to ban federal subsidies to farmers with incomes averaging more than $1 million a year and stop farmers from collecting payments for multiple properties. Only farmers whose incomes exceed $2.5 million a year are now disqualified from such aid.

Full story: http://news.yahoo.com/s/ap/20070718/ap_on_go_co/congress_farm_bill

 

[Mr.Conley]

It's a small step in the right direction.

 

[uscitizen]

Gross or net or taxable income ?

 

[JeffWartman]

Gross or net or taxable income ?

The article didn't say. My educated guess would be gross revenue, not profit.

But I could be wrong.