The immigration reform bill of the Gang of Eight would ease social security finance strains. In a letter to Senator Marco Rubio, the Social Security Administration stated that the Senate bill would positively affect the finances of Social Security. Likewise, it would also boost the gross domestic product and create around 3.22 million jobs, over the next ten years.
Moreover, the bill may not cost the taxpayers trillions of dollars. The bill of the “Gang of Eight” would boost funding for border security, expand visa programs and create a new 13 year pathway to US citizenship. The Heritage Foundation study criticized the supporters of immigration reform and it stated that the bill would benefit the undocumented immigrants. It stated that they would take in more in benefits and would pay less in taxes. Nevertheless, supporters of immigration reform stated that immigration reform would help ease pressure on government programs like Social Security. Moreover, the immigration reform bill would permit undocumented immigrants to work in the country and these workers would support the workers who are beginning to retire.
The trust funds accumulated by the Social Security Administration would exhaust by 2033 and if this happens, the policymakers would raise taxes or cut benefits. But this could be prevented if the Senate bill is passed. The Senate bill would grant temporary status to the undocumented immigrants and require them to pay fines and their back taxes, to apply for this status. The Social Security office in a letter said that around 8 million undocumented immigrants would apply for this temporary status. Such immigrants who are working illegally and who are not paying taxes would become eligible to work legally if they become legal residents. They would also begin paying taxes.
Likewise, the immigration reform bill would also expand and create visa programs and all these provisions of the immigration reform bill would increase tax collections. Currently, people in America, who do not have legal status are not paying taxes. Hence, Senator Marco Rubio stated that the study of the Heritage Foundation is not accurate and that if the undocumented immigrants are permitted to apply for US citizenship, they would pay their taxes and benefit the economy of the country. The Senate Judiciary Committee will meet again this week and consider a raft of amendments that have been filed to the Senate immigration reform bill. The committee has already adopted 21 amendments and it is likely to vote on and consider few more amendments, this week.