Recent reports have confirmed that a chief actuary from the SSA claimed that an immigration bill waiting for approval from the senate would significantly boost the Social Security fund by adding millions to the economy.
Apparently, the analysis wishes to begin collecting taxes from the immigrants to support the federal program. Experts assess that the immigrant’s bill affects the seniors, survivors, as well as the disability insurance in a way that it enters in a growing body of economic data gathering on both sides of the immigration reform debate.
In the long run, experts hope that the final effect of the bill OASDI actuarial balance will bring positive result. In fact, in a letter sent by SSA’s chief actuary, Stephen C. Goss to Sen. Marco Rubio, (R. Fla.), who is the architect of the bipartisan legislation, noted that if the number wage earners paying taxes would increase, that is if the proposed immigrant bill has been legalized, the federal program’s fund would likewise increase.
Actually, many of the undocumented individuals are working in the country illegally without paying taxes. Therefore, this time, the bill would eventually charge them with proper taxes, Goss also cited in his letter.
Apparently, not only the country would be benefited by the proposed bill. Immigrants themselves would also benefit from it since once they became legal workers, their federal benefits would have substantial benefit coverage as well.
On the other hand, opponents of the bill argue that legalizing immigrants would just cost the country a staggering amount of $6.3 trillion since they would collect more in government services than they pay in taxes. Therefore, other conservatives disputed the bill.
So far, the Congressional Budget Office is expected to conduct a separate analysis regarding the matter in the following weeks.
Meanwhile, weighing the pros and cons of the proposed immigrant bill, a Los Angeles social security disability firm speculated that the same would still come a long way of debate before it may be able to meet its final route due to many things that still have to be considered.