DENVER – A new report highlights big spending and tax revenue from native and foreign-born Hispanics in an effort to push federal immigration reform.
The report, from Partnership for a New American Economy, a centrist pro-comprehensive immigration-reform group, points to $12.3 billion in annual Colorado spending, and $3.7 billion in tax revenue in 2013 from the Hispanic community.
The report states that Hispanics account for more than 13 percent of the spending power in the state, as well as almost 9 percent of the revenue paid by Colorado residents.
In 2013, Hispanics had an estimated after-tax income of more than $605 billion, and contributed more than $190 billion to U.S. tax revenue as a whole.
The national Hispanic population is about 53 million, including an estimated 19 million foreign-born Hispanics.
Hispanic households contributed more than $98 billion to Social Security and almost $23 billion to Medicare’s core trust fund.
The data was collected from the American Community Survey, a statistical survey by the U.S. Census Bureau.
“The simple act of purchasing goods (like a new computer) or services (like a haircut) circulates money through our economy – giving businesses the boost they need to hire more workers or stay in operation,” the report states.
Some hope that having a centrist economic report – with Republican buy-in – could help end the gridlock in Washington over passing a comprehensive immigration-reform package.
“The findings present a clear and powerful picture,” states the report. “By virtue of their spending power alone, Hispanics in the United States, both native and foreign-born, are major contributors to the health of the American economy.”
The Republican-controlled House has failed to move forward legislation that would create a path to citizenship for immigrants in the country illegally, while also adding border security. Republicans say border security must be in place before a path to citizenship is discussed.
