Sen. Toomey, Patrick J. – (R – PA) News Release
The federal crop insurance program is operated through the
"There is no good reason for taxpayers to subsidize crop insurance premiums for massive agriculture operations," said
"We can protect farmers without putting taxpayers on the hook for excessive subsidies to insurance companies and large agri-businesses that don't need the help," said
The AFFIRM Act would:
* Limit federal crop insurance subsidies to
* Eliminate crop insurance premium subsidies for individuals with an adjusted gross income of more than
* Reduce government subsidy of crop insurance company administrative and operating costs. Currently, the government spends around
* Lower insurer profits guaranteed by the government to 8.9 percent.
* Eliminate subsidies for Harvest Price Option insurance policies. Under a traditional crop insurance plan, farmers receive a payout when they earn less money at harvest time than they were projected to make when they planted their crop. However, under Harvest Price Option plans, if that crop's price at harvest time is higher than the insured planting price, the insurance payout is recalculated based on the higher price. The bill does not prevent farmers from taking out these policies as long as they pay the premium themselves.
* Increase transparency in government spending. The bill requires the reporting of all individuals or entities that receive federally subsidized crop insurance. It also requires the reporting of the financial support received by crop insurers. Unlike other farm subsidies, the public does not currently know who receives crop insurance subsidies.
Read this original document at: https://www.toomey.senate.gov/?p=op_ed&id=2580
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