On June 18, 2013, the Congressional Budget Office issued a Cost Estimate regarding the budgetary effects of Senate bill S. 744 Border Security, Economic Opportunity and Immigration Modernization Act. The CBO estimated that implementing the Senate bill as written would increase federal direct spending to $262 billion mostly for increases in refundable tax credits arising out of a larger US population under the bill. Simultaneously, the report estimated an increase in federal revenues collection of $459 billion over the same period arising out of additional income and payroll taxes from an increased US workforce and a change of legal status of some current workers. The result would be a net savings of $175 billion over the 2014-2023 period.
The CBO stated that while the effects of immigration policies on the federal budget are uncertain and complicated especially when extended well into the future, the estimates make assumptions regarding the legislation’s stated increases in nonimmigrant and immigrant categories, together with projections on the number of persons who may obtain legalized status under the bill’s proposed provisions.
Rabinowitz & Rabinowitz, PC. is an immigration law firm representing businesses and foreign nationals in employment-based visa cases. To learn more or to contact a Dallas immigration lawyer, visit http://www.rabinowitzrabinowitz.com.