Hispanic Americans are firm believers in the American dream: Hard work will earn you and your family a better life. Expected to make up much of the growth in the American workforce in the next four decades, Latinos are helping revitalize communities and strengthen local economies all throughout the nation. However, hard work is just one factor contributing to ensuring that the country remains prosperous. In order to support investments in education, infrastructure, health care, and many other areas that millions of Americans rely on, everybody must contribute financially through the tax system. Luckily for this country, Latinos are a tremendous asset thanks to their commitment to paying their fair share of taxes.
In honor of Tax Day, let's take a by-the-numbers look at the economic impact that Latinos have on the U.S. economy.
Participation in the labor force:
- Nearly 16 percent of the U.S. labor force is Latino; that's about 25 million workers.
Entrepreneurship and purchasing power:
- Despite slower growth during the recession, the number of Hispanic-owned business was projected to grow by nearly 40 percent between 2007 and 2013, to nearly 3.2 million businesses.
- In 2013 Hispanic households paid almost $124 billion in federal taxes, including individual and corporate income taxes, payroll taxes, and excise taxes, and almost $67 billion in state and local taxes.
This piece was first posted to the NCLR Blog.