Congress may pass a major farm bill re‐ authorization this year for the first time since 2008. Farm bill supporters claim that draft bills in the House and Senate would save taxpayers billions of dollars, but that isn’t the case. The bills would eliminate so‐​called direct payments to farmers, but the savings would be plowed into new subsidy programs and higher guaranteed prices for certain crops. What can be done to reform costly farm subsidies that harm agricultural markets and damage the environment? Chris Edwards, Scott Faber, Andrew Moylan, and Josh Sewell will discuss the impact of farm programs on taxpayers and the environment and suggest possible reform steps.