America is a cultural melting pot which is the home of immigrants. From the start, America has been home to people of all nations and cultures.
In fact, 1.18 million people legally immigrated to the US in 2016, and for good reason. America offers many opportunities for immigrants, better education, better jobs, reunification with family.
Immigrants help the economy in the United States in a variety of ways. Read this article to find out how!
Immigrants help the economy in many different ways. They are entrepreneurs, they are consumers, they’re skilled workers. Most of all, immigrants are people. They contribute to the economy and help make America a better place.
How Immigrants Help the Economy
In this current political climate, there’s a lot of negative rhetoric around immigration. Most of this is false. Immigrants have made America into the successful, thriving nation it is today.
There are so many reasons why immigration is important. Here are a few of the best ways immigrants help the economy.
Immigrants Start Businesses
Immigrants don’t ‘take American jobs’, they create them. Statistics have shown that immigrants are 30% more likely to start their own business.
Immigrants with their own businesses, in turn, create jobs for Americans. The average immigrant-owned business will take on eleven employees. This creates almost 4 – 5 million more jobs and boosts the economy.
Estimates show that these businesses generate over $776 billion each year. This feeds straight into the US economy.
The more immigrants entering the US means more growth. More jobs will appear as consumption levels increase due to higher demand.
Immigrants Pay Taxes
Immigrants to the US will contribute around $80,000 in taxes throughout their life. Those who own their businesses will pay corporate taxes as well.
Contrary to popular belief, undocumented immigrants contribute to tax payments too. An undocumented immigrant will pay around 8% of their income on taxes.
They contribute in the same ways US citizens do, through property and sales taxes.
3. Immigrants Are Essential for the Future of the Economy
As the years go by, we’ll need immigrants more than ever. As the baby boomers retire, immigrants go a long way to ensure there is a stream of new workers.
The economy needs more taxpayers to contribute to Medicare and Social Security payments. Immigrants fill positions left by those retiring and contribute to the healthcare service.
Homeowners make a lot of tax contributions. So, the more houses sold, the more it helps the economy. In California alone, 65% of Latino immigrants have been homeowners over the last 30 years. As more baby boomers retire and look to downsize their homes, immigrants are there to buy their old homes.
Now You Know How Immigrants Help The Economy
Immigration comes with a lot of challenges. The current political climate isn’t helping this either. The fact is, immigrants help the economy in so many ways, and America wouldn’t be the same without them.
Are you immigrating to the US and need some help with your English pronunciation? Check out our blog for some useful resources!
