How much money is the government losing by NOT passing immigration reform?
According to the Congressional Budget Office (CBO) the United States is losing out on billions of dollars in potential tax revenues.
When the U.S. Senate last year passed the bipartisan immigration reform bill, the CBO found enactment of reform could add 5 million workers and their employers to payroll tax contribution. The Senate bill, which is stalled in the House of Representatives, would also mean:
- Unauthorized immigrants would pay $109 billion in federal, state, and local taxes.
- $606 billion would be added to the Social Security trust fund.
- The medicare trust fund would extend by four years.
- The deficit would reduce by $820 billion over the next two decades.