The president's immigration amnesty will cost $2 trillion - about $40 billion a year - over the next 50 years, the Heritage Foundation projects.
The total equates to a $22,000 tax on every American who has a four-year college degree, 30 cents extra for every gallon of gas, or $10 a month tacked onto every cell phone bill.
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The $2 trillion cost is driven by the federal government’s support for all poor people, says Robert Rector, a budget analyst at the Heritage Foundation. Rector explained that, on average, the illegal immigrants benefiting from the amnesty have a 10th grade education.
That low education ensures they can’t earn enough money, or pay enough taxes, to pay for the many benefits they’ll get if they progress from temporary residents to legal residents and then to citizens, Rector said.
These various benefits add up to roughly $50,000 a year for each household, but those households can and do pay only about $13,000 a year in federal taxes, leaving a gap of roughly $40,000 between payments and benefits, Rector said.
That gap is effectively filled by payments from intact, college-education households which normally pay $30,000 more in taxes than they receive in benefits. “It takes all of the net taxes paid by one college-educated family [household] to pay for one of these immigrant households,” he said.
Rector draws his estimate from a May 2013 analysis he completed for Heritage, which predicted a $6.3 trillion, 50-year cost if all 12 million illegals in the country were granted amnesty.
Currently, government spends roughly $50 billion a year supporting the children and families of illegal immigrants. Much of that costs consists of free schooling and medical care for the U.S.-born kids of illegals.
Obama’s plan will expand the spending, for example, by providing tax benefits, including Earned Income Tax Credit.
Stuart Varney sat down with Bill Hemmer this morning to explain the new statistics, saying the figures are based on 4 million undocumented immigrants eventually getting green cards.
"You cannot have an open border immigration policy if you've got a welfare state. If you invite people across the border and give them all the goodies as soon as they arrive, you're encouraging more people to arrive and it becomes extremely expensive. And that cuts down on the approval for immigration," said Varney.
Watch the discussion above.