Latinos Account for More Than $2 Trillion in Economic Activity

Esther Turcios

Latinos are essential to the country’s growth and economic prosperity. Despite being historically marginalized and facing barriers to education and employment opportunities, the contributions of Latinos to our workforce, businesses, and tax base is unquestionable. Our country, our leaders, and all Americans must recognize that Latinos are the economy.

We are the fastest-growing ethnic group in the United States, with a population that is expected to reach 109 million by 2060. As workers and taxpayers, Latinos make significant contributions to our federal and state economies. According to a report by the National Council of La Raza, Latinos account for more than $2 trillion in economic activity, with a purchasing power expected to reach $1.9 trillion by 2023. Latino-owned businesses are a growing force in the economy, with a 46% increase in the number of Latino-owned businesses from 2007 to 2012. These businesses employ millions of workers and contribute billions of dollars to the country’s GDP.

Latino taxpayers also pay into federal, state, and local tax systems. According to a UnidosUS report, Hispanic households paid nearly $308 billion in taxes, including a total of $112 billion paid in state and local taxes, in 2019. Additionally, $131 billion of this came from foreign-born Hispanics nationwide, including almost $50 billion in state and local taxes and more than $80 billion in taxes to the federal government.

Undocumented Latino taxpayers pay their fair share of taxes, contributing to the funding of important government programs and services. According to the American Immigration Council, Colorado is home to more than 145,000 immigrants without documentation, the majority of whom are Latino, and who collectively contribute $140.9 million in state and local taxes and $211.1 million in federal taxes each year. Despite not having legal status, they contribute to Social Security and Medicare through payroll taxes, and also contribute to our local economies through sales taxes and property taxes. Unfortunately even though they pay into our social infrastructure, their access to federal programs is non-existent.

The United State’s workforce We are essential to the country’s workforce, filling critical roles in a variety of industries. Latino workers are employed in a wide range of sectors, including construction, agriculture, hospitality, healthcare, and manufacturing. They also make up a significant portion of essential workers, including healthcare workers, grocery store employees, and farmworkers. Latino workers are often employed in low-wage jobs, but they are essential to the country’s economy and provide important services that benefit all Americans.

Latinos also enrich our society through their cultural contributions. Latino culture has a rich history and traditions, including music, art, literature, and cuisine. Latinos have contributed heavily to our country’s cultural diversity and influenced American popular culture. Latino taxpayers who are artists, musicians, writers, chefs, and entrepreneurs have made significant contributions to the country’s cultural and creative industries, enriching our lives and broadening our understanding of the world.

Latinos are essential to the country’s growth and economic prosperity. Despite being historically marginalized and facing barriers to education and employment opportunities, the contributions of Latinos to our workforce, businesses, and tax base is unquestionable. Our country, our leaders and all Americans must recognize that Latinos are the economy.

Latinos are the fastest-growing ethnic group in the United States, with a population that is expected to reach 109 million by 2060. As the Latino population grows, so does their political power and influence, with Latino voters playing an increasingly important role in elections at all levels of government. Latino taxpayers are essential to the country’s future prosperity, and their contributions to the economy, society, and culture will only continue to grow in the coming years.

According to a report by the National Council of La Raza, Latinos account for more than $2 trillion in economic activity, and their purchasing power is expected to reach $1.9 trillion by 2023. Latino-owned businesses are also a growing force in the economy, with a 46% increase in the number of Latino-owned businesses from 2007 to 2012. These businesses employ millions of Americans and contribute billions of dollars to the country’s GDP.

Latino taxpayers contribute significantly to the United States’ economy. According a report by New American Economy , in 2019 Hispanic households paid nearly $308 billion in taxes, including a total of $112 billion paid in state and local taxes. Additionally, $131 billion of this came from foreign-born Hispanics nationwide; including $50 billion in state and local taxes and more than $80 billion in taxes to the federal government.

Undocumented Latino taxpayers pay their fair share of taxes, contributing to the funding of important government programs and services. According to the Bell Policy Center “more than 160,700 immigrants without documentation live in Colorado and collectively contribute to $156.5 million in state and local taxes and $272.8 million in federal taxes each year”. Despite not having legal status, they contribute to Social Security and Medicare through payroll taxes, and also contribute to our local economies through sales taxes and property taxes. Unfortunately, even though they pay into our infrastructure their access to federal programs is non-existent.

Latinos enrich our society through their cultural contributions. Latino culture has a rich history and traditions, including music, art, literature, and cuisine. Latinos have also contributed to the country’s cultural diversity and influenced American popular culture. Latino taxpayers who are artists, musicians, writers, chefs, and entrepreneurs have made significant contributions to the country’s cultural and creative industries, enriching our lives and broadening our understanding of the world.

We are essential to the country’s workforce, filling critical roles in a variety of industries. Latino workers are employed in a wide range of sectors, including construction, agriculture, hospitality, healthcare, and manufacturing. They also make up a significant portion of essential workers, including healthcare workers, grocery store employees, and farmworkers. Latino workers are often employed in low-wage jobs, but they are essential to the country’s economy and provide important services that benefit all Americans.

We call out to our leaders, the media, our society and all Americans to appreciate and celebrate the contributions of Latino taxpayers, recognizing our importance to the country’s economy, society, and culture. We must continue to demand more from our leaders to address the inequalities and barriers that still exist, ensuring that Latinos have access to education, employment, and economic opportunities, regardless of their background or ethnicity.

Esther Turcios, Deputy Director, Colorado Fiscal Institute.