End of Summer/Catching our Breath ... But Farm Bill Debate Continues Soon

Yes, the Farm Bill passed in the House, so it's on to the Senate after Labor Day. President Bush has threatened to veto it and we find this odd. See below for what the President of the American Agriculture Movement had to say:

Foreign Companies Enjoy the Wealth of U.S. – They Should Pay Their Fair Share

WASHINGTON, Aug 23, 2007 – Larry Matlack, President of the American Agriculture Movement (AAM), has taken exception with U.S. Secretary of Agriculture Mike Johanns on the issue of closing a tax loophole which would require U.S. subsidiaries of foreign-owned companies to pay taxes on profits made in the U.S. “Those foreign companies enjoy access to the opportunities and wealth of the United States and they should pay their fair share for that access,” said Matlack. “It is high time that we worry more about the feeding the malnourished and keeping families on their farms than whether foreign-owned companies get to keep a tax loophole which should have been closed years ago.”

Matlack directed his remarks to Johanns who has called closing the tax loophole a ‘tax increase’ which President Bush opposes. The loophole will be closed to help pay for $4 billion in critical nutrition funding in the next farm bill if provisions passed by the U.S. House on July 27 by a vote of 231-191 are enacted.