While there is much debate about how to best deal with America’s immigration issue, a few of the financial questions surrounding the topic have seemingly been answered. According to the Congressional Budget Office (CBO), the current Senate immigration bill would reduce the federal budget deficits by $175 billion over the next 10 years and by $700 billion over the following decade.
This news effectively voids the idea that the government will pay too much to provide services for immigrants. The bill, which would increase federal spending by about $262 billion between 2014 and 2023, would give legal status to millions of illegal immigrants, ease the path for more guest workers and ramp up immigration law enforcement. But the government’s increase in spending would be offset by a sharp increase in revenue. The bill would raise $459 billion in new revenue over a decade as the labor force expands, and the government collects more in income and payroll taxes, the CBO projected.
Despite the hyperbole of some, projections like these from the CBO reinforce the idea that a diverse America is a strong America. In order for the nation to fully return from the brink and continue to recover, we must embrace this new wave of immigrants. As they help to lead in innovation, research and development in a number of critical industries, immigrants will, inevitably, help restore our country.
Zulkie Partners is nationally recognized for its command of immigration law. We offer services that cover all aspects of corporate immigration law, including nonimmigrant work visas, permanent residence sponsorship and more.
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