Silicon Valley corporations to take $6 billion dollar hit if DACA expires

On Twitter, Apple CEO Tim Cook admitted that the Silicon Valley giant employs illegal immigrants in the persons of so-called “Dreamers” who benefit from the Obama administration executive action known as Deferred Action on Childhood Arrivals (DACA). He wrote: ”250 of my Apple coworkers are #Dreamers. I stand with them. They deserve our respect as equals and a solution rooted in American values.”

Cook’s remarks came just days after hundreds of business executives from Facebook, Microsoft, Amazon, and others called upon President Donald Trump and House Speaker Paul Ryan to preserve DACA, which allows illegal immigrants who entered the US as children to live and work without punishment. On Thursday, the coalition claimed in a letter to Trump that eliminating DACA would directly affect their bottom-lines and the futures of nearly 800,000 young people. They claim that 97 percent of them are working or in school.

According to the letter, approximately 72 percent of the top 25 of the Fortune 500 companies have employees benefiting from DACA. “Dreamers are vital to the future of our companies and our economy,” the executives wrote. “With them, we grow and create jobs. They are part of why we will continue to have a global competitive advantage.” The executives’ letter claims that government would lose the income tax that DACA recipients pay, while the national economy would ostensibly lose $460.3 billion from the national GDP and $24.6 billion in Social Security and Medicare tax contributions. David Bier — an analyst at the libertarian Cato Institute — indicated that if DACA is rescinded, employers would have fire DACA recipients and thus incur a hefty cost.

The Cato Institute analyst claimed that such employers would see a cost of $6.3 billion, because of worker turnover. Companies employing DACA recipients would have to dismiss about 7,000 employees per week for the next two years, at a cost of $61 million as week for recruiting, hiring, and training 720,000 new hires among American citizens and legal alien residents.

Read the rest at: Silicon Valley Hypocrites 

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