U.S. Sen. Chuck Grassley (R-Iowa) is welcoming major updates in the farm safety net from Republicans’ Working Families Tax Cuts Act which are expanding support for family farmers across Iowa.
This month, family farmers will begin receiving $13.8 billion in benefits through the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs, more than double what farmers were expected to receive before Republicans enacted the Working Families Tax Cuts Act. These historic improvements will help producers better protect against economic uncertainty and market volatility, so they can continue to feed and fuel the world while keeping family farms in the family.
The law also strengthened the farm safety net by increasing reference prices, modernizing payment limitations and allowing for the addition of up to 30 million new base acres nationwide. This base-acre increase is the first in 20 years. More information on how the Working Families Tax Cuts Act is delivering for Iowa family farmers can be found HERE or on the U.S. Department of Agriculture’s (USDA) “Farmers First” webpage.
“Republicans strengthened the farm safety net through the Working Families Tax Cuts Act to stand with Rural America. Democrats didn’t lift a finger to support this bill – in fact, they fought tooth and nail to try and stop farmers from receiving this critical funding. Democrats in the Senate also voted against the Farm Bill that would deliver additional relief for the ag economy. Thankfully, family farmers will continue to feel the benefits from Republicans' historic legislation, and I’m going to keep working to bring down input costs and make life more affordable for Iowans,” Grassley said.
Source : senate.gov