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2007 Farm Subsidy Direct Payments
Publication Date: April 2008
Publisher(s): Environmental Working Group
Author(s): Ken Cook; Chris Campbell
Topic: Agriculture, forestry and fishing (Agricultural economics and farm holdings)
Keywords: farm subsidies; direct payments
Type: Report
Abstract:
By any measure, 2007 was a banner year for farmers of grain, soybeans and cotton, as high prices for their crops earned them record net income, even after they paid skyrocketing costs for fuel, fertilizer and seed.
But under formulas set by Congress in the 2002 farm law, taxpayers topped off the record farm earnings of 2007 with another $5 billion in "direct payment" crop subsidies.