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New
report
shows
Hispanics
responsible
for
$605B in
annual
U.S.
spending
power,
$190B in
tax
revenue
One
Out of
Every
Ten
Dollars
of
Spending
Power in
U.S. in
2013
Held by
Hispanics
New
York, NY
(Tell Us
NYC) -
Today,
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.
“This
new
report
reveals
how the
spending
power of
native
and
foreign-born
Hispanics
is
helping
grow the
economy
in
states
across
the
country.”
said
John
Feinblatt,
Chairman
of the
Partnership
for a
New
American
Economy.
“These
numbers
offer
more
evidence
of
immigrants
strengthening
our
communities
– as
workers,
as
contributors
to tax
revenue,
and as
consumers
of goods
and
services.”
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.”
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