Up to $700 Billion in Economic Benefits from the Immigration Modernization Act
June 19, 2013
Contact: Paloma Zuleta, 202-833-6130, PZuleta (at) LULAC . org
Las Vegas, NV - According to the Congressional Budget Office
(CBO), Senate Bill 744 would add significant economic benefits –
silencing anti-immigration advocates who claim immigration reform
would be a drain on the economy. Increases in federal and tax
revenues are expected due to increases in income and payroll taxes.
According to the CBO, the Senate immigration bill would decrease the
budget deficit by $197 billion within the first ten years, after
becoming law, and by an additional $700 billion over the next decade.
These findings were echoed by Agriculture Secretary Tom Vilsack today
at the 84th LULAC National Convention in Las Vegas, Nevada.
“Anti-immigrant groups have based their stance against immigration reform on the uncorroborated notion that such reform would place unnecessary hardships on our economy. In fact the CBO analysis establishes that our country and our economy needs to pass comprehensive immigration reform this year,” said National LULAC President Margaret Moran. “The CBO analysis confirms what we’ve always known - that treating our immigrant community with compassion and respect is a value, not only to our multicultural society but also to our economy.”
In addition to lowering the budget deficit the CBO analysis projects that the labor force would increase by 5 million by 2023 and 9 million by 2033 which would result in a long term increase in both productivity and output. The Congressional Budget Office is a non-partisan entity.
“The CBO analysis has put to rest the concerns of anti-immigration reform advocates who have resisted responsible immigration reform by alleging a negative economic impact,” continued Moran. “As the bill moves forward, it will be clear that those who vote against immigration reform are more interested in preserving the status quo and keeping immigrants in the shadows than doing the right thing for our country and our economy.”
About LULAC: The League of United Latin American Citizens (LULAC) is the nation’s largest and oldest civil rights volunteer-based organization that empowers Hispanic Americans and builds strong Latino communities. Headquartered in Washington, DC, with 900 councils around the United States and Puerto Rico, LULAC’s programs, services and advocacy address the most important issues for Latinos, meeting critical needs of today and the future. For more information, visit www.LULAC.org