Tuesday, March 27, 2007

Harvesting Cash: Corporate Welfare for the Rich

The Bush Administration wants to reduce the eligibility cap for farm subsidies to an annual adjusted gross income (AGI) of $200,000, from its current level of $2.5 million (top 2.3% of taxpayers).

Today's WSJ editorial "Washington Harvest" asks, "Is it asking too much for Congress at least to cut off subsidies to the richest Americans, many of whom don't even farm for a living?

With all the political and media chatter about "inequality" these days, you'd think this welfare for the rich (farm subsidies) would cause a stir. But this is Washington, where corporate welfare is a bipartisan industry. The lower AGI subsidy cap has turned out to be the most controversial Bush farm proposal and is running into stiff opposition on Capitol Hill. Where are the Democratic class warriors when we need them?"


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