Today, immigrants play an important part in the US workforce. Although about 17% of the entire workforce comes from immigrants, some industries are heavily dependent on immigrants. According to respected economists, immigration plays a major and important role in the economy. Although there are some negative impacts on immigrants, they are short-lived.
Everyone has an immigration status in the US. Tax guides for employers in 2020include US citizens, permanent residents, non-immigrants, and undocumented immigrants. However, immigrants make America stronger although there are several shortcomings of immigration. One reason why immigrants are important to America is their contribution to the national economy. There are various ways immigrants support the American economy. As a result, the US has become stronger despite the challenges that come with immigration.
One way how immigrants contribute to the US national economy is that they are business owners. There is evidence that over the past 20 years, immigrants have either founded or helped establish about 25% of the US public companies that have the backing of venture capital investors. Such companies include eBay, Google, Sun Microsystems, and Yahoo.
On the other hand, there is 12 percent of the first-generation immigrants of the entire US population. However, these immigrants are about 17% of the new business owners. The first-generation immigrants have businesses in various industries and they make huge contributions to the high-skilled, as well as low skilled sectors. By paying taxes, such businesses impact the US national economy significantly.
The second way independent contractorto the American economy is by creating jobs. It has been found that about 4.7 million people are directly employed in small businesses that belong to immigrants. Again, recent studies show that such small business generates over $776 billion annual revenue.
Another way immigrants contribute to the American economy is by increasing the US capacity to come up with new ideas. Studies show that foreign-born investors have been credited with contributing to over 75 percent of the patents given to the best ten patent producing universities. It is such new ideas that result in better technology and business opportunities. Know more about taxes at https://www.huffingtonpost.com/entry/a-common-mistake-people-m_n_4874958.html.
Immigrants also make America more competitive. This is especially the case in service and technology-intensive industries. Compared to Americans born in the US, it is more likely that immigrants have an advanced degree and even twice likely to have a Ph.D. Most of the highly productive engineers and scientists are foreign-born. However, they keep the US at the forefront when it comes to global innovation.