Emergency Wheat Farmers' Income Act

Emergency Wheat Farmers' Income Act - Amends the Agricultural Act of 1949 to raise the loan level of wheat for the 1978 through 1981 crops from $2.35 to $3.00 per bushel, adjusted (for the 1979 through 1981 crops) to reflect any changes in the cost of production since the 1977 crops.

Reduces the established price for the 1977 crop of wheat from $2.90 to $2.47 per bushel with respect to any acreage not planted for wheat within the wheat acreage allotment. Sets a sliding scale of established prices for the 1978 through 1981 crops keyed to voluntary five percent increments in the set-aside level, ranging from $3.75 per bushel for a 20 percent set-aside up to $5.07 per bushel for a 50 percent set-aside.