Hispanic buying power

Shell Suber over at the Felkel Group has been sending out releases on behalf of a business groups pushing for what President Obama (and his predecessor, and John McCain, and Lindsey Graham) has been pressing for — comprehensive immigration reform.

Here’s the latest:

NEW REPORT SHOWS HISPANICS RESPONSIBLE FOR

$605 BILLION IN ANNUAL U.S. SPENDING POWER,

$190 BILLION IN TAX REVENUE

 

One Out of Every Ten Dollars of

Spending Power in U.S. in 2013 Held by Hispanics

 

COLUMBIA, SC — Yesterday the Partnership for a New American Economy released a new report highlighting the important role that both native and foreign-born Hispanics play as consumers, purchasing goods and services that circulate money through the economy and help to grow and sustain businesses. The report also highlights their contributions to tax revenue, Medicare, and Social Security programs.

 

“In South Carolina, we have known for some time the positive and vital impact Hispanics play in our state’s economy,” said Gustavo Nieves of the South Carolina Hispanic Chamber of Commerce. “This report from PNAE vividly quantifies that positive impact. At the SCHCC, we work with Hispanic businesses throughout South Carolina to promote growth, employment, and profitability. This report demonstrates the contributions of Hispanics as both consumers and entrepreneurs in the economic engine of our state and nation.”

 

Report Key Findings

 

  • Hispanic households, both native and foreign-born, account for a large portion of America’s overall spending power. In 2013, Hispanics had an estimated after-tax income of more than $605 billion. That figure is equivalent to almost one out of every 
10 dollars of disposable income held in the United States that year. Foreign-born Hispanic households made up a sizeable portion of that figure: We estimate their spending power totaled $287 billion that year.

 

  • The growing earnings of Hispanic households have made them major contributors to U.S. tax revenue. In 2013, Hispanic households contributed more than $190 billion to U.S. tax revenues as a whole, including almost $67 billion in state and local tax payments. Of this, foreign-born Hispanics contributed more than $86 billion in tax revenues nationwide. That included almost $32 billion in state and local taxes and more than $54 billion in taxes to the federal government.

 

  • In some states, Hispanics now account for a large percentage of spending power and tax revenues overall. In both Texas and California, Hispanic households had more than $100 billion in after-tax income in 2013, accounting for more than one of every five dollars available to spend in each state that year. In Arizona, a state with a rapidly growing Hispanic population, their earnings after taxes accounted for almost one-sixth of the spending power in the state. In Florida, Hispanics contributed more than one out of every six dollars in tax revenue paid by residents of the state.

 

  • Hispanics, and foreign-born Hispanics in particular, play an important role sustaining America’s Medicare and Social Security programs. In 2013, Hispanic households contributed more than $98 billion to Social Security and almost $23 billion to the Medicare’s core trust fund. Foreign-born Hispanics in particular contributed more than $46 billion to Social Security, while paying in more than $10 billion to the Medicare program. Past studies have indicated that in Medicare in particular, immigrants draw down far less than they put in to the trust fund each year, making such tax contributions particularly valuable.

See the full report, “The Power of the Purse: The Contributions of Hispanics to America’s Spending Power and Tax Revenues in 2013.”

About the South Carolina Hispanic Chamber of Commerce

The South Carolina Hispanic Chamber of Commerce promotes the economic growth of Hispanic businesses in South Carolina. We are committed to developing programs and facilitating the resources that help Hispanic businesses reach their full potential. The Chamber is accomplishing its mission in very practical ways. We are committed to making a real, positive impact in the businesses we represent. We accomplish our mission in three ways: Network, Education, Advocate. First, we make sure you have the networking opportunities available to you that help you grow your business. We have also developed a directory for our members as well as a jobs board. Our “Resources” page provides the necessary resources to start, grow, and sustain your business. Our education component is based on the Entrepreneur Empowerment Series. This program gives entrepreneurs the skills necessary to run their business. The EES is offered in English and Spanish throughout the state. You can find the next Empowerment Series event on our “Events” page. Our advocacy initiative starts with our legislative agenda. Each year, the Chamber’s government affairs office meets with local, state and federal elected officials to discuss the issues that affect Hispanic business owners in South Carolina. Learn more at http://schcc.org/.

About the Partnership for a New American Economy

The Partnership for a New American Economy brings together more than 500 Republican, Democratic, and Independent mayors and business leaders who support immigration reforms that will help create jobs for Americans today. The Partnership’s members include mayors of more than 35 million people nationwide and business leaders of companies that generate more than $1.5 trillion and employ more than 4 million people across all sectors of the economy, from Agriculture to Aerospace, Hospitality to High Tech, and Media to Manufacturing. Partnership members understand that immigration is essential to maintaining the productive, diverse, and flexible workforce that America needs to ensure prosperity over the coming generations. Learn more atwww.RenewOurEconomy.org.

 

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Yeah, I know; it’s kind of a non sequitur — this is ALL Hispanics, not just illegals. But I pass it on…

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