Appeals will continue, but let’s take the Halbig decision at face value. How much will this decision cost the working poor? The amount varies with income and other variables, but for a 40 year old individual making $30,000 a year, the tax credit was estimated at $1345 (KFF estimate here). Retroactive tax bills under Halbig will be significant and everyone impacted will have trouble paying for health insurance going forward (about 57% of exchange participants were previously uninsured, according to a KFF survey).
How many people will be hurt?
Read more here at “The Incidental Economist” ….
— by Megan Slack, August 01, 2013
America has always been a nation of immigrants, and throughout the nation’s history, immigrants from around the globe have kept our workforce vibrant, our businesses on the cutting edge, and helped to build the greatest economic engine in the world. But our nation’s immigration system is broken and has not kept pace with changing times. Today, too many employers game the system by hiring undocumented workers and there are 11 million people living and working in the shadow economy. Neither is good for the U.S. economy or American families.
Commonsense immigration reform will strengthen the U.S. economy and create jobs. Independent studies affirm that commonsense immigration reform will increase economic growth by adding more high-demand workers to the labor force, increasing capital investment and overall productivity, and leading to greater numbers of entrepreneurs starting companies in the U.S.
Economists, business leaders, and American workers agree – and it’s why a bipartisan, diverse coalition of stakeholders have come together to urge Congress to act now to fix the broken immigration system in a way that requires responsibility from everyone —both from unauthorized workers and from those who hire them—and guarantees that everyone is playing by the same rules. The Senate recently passed a bipartisan, commonsense immigration reform bill would do just that – and it’s time for the House of Representations to join them in taking action to make sure that commonsense immigration reform becomes a reality as soon as possible.
In addition to giving a significant boost to our national economy, commonsense immigration reform will also generate important economic benefits in each state, from increasing workers’ wages and generating new tax revenue to strengthening the local industries that are the backbone of states’ economies. The new state by state reports below detail how just how immigration reform would strengthen the economy and create jobs all regions of our country.
We must take advantage of this historic opportunity to fix our broken immigration system in a comprehensive way. At stake is a stronger, more dynamic, and faster growing economy that will foster job creation, higher productivity and wages, and entrepreneurship.
Reprinted from The White House Blog. For more information: