According to one recent study, roughly 40 million people who are currently living in the United States were born in another country. These immigrants account for a significant portion of not only the workforce and the will of the U.S., but of economic activity as well.
It’s also a topic that Dr. Gregory Finkelson cares quite passionately about. Finkelson is currently the President of American Corporate Services, Inc. – an organization that specializes in both corporate law and international tax planning. Since 2001, he has been involved in the registration of companies in the United States as well as offshore companies, taxation, his work with accounting and more.
As someone with many years of experience in the topic, Dr. Gregory Finkelson also has his fair share of thoughts about immigration to the U.S. in general – a subject that he is more than willing to provide insight into.
One of the major reasons why Dr. Gregory Finkelson believe that immigration to the USA is essential because it helps to fuel the economy. People who come to this country are often eager to enter the labor force and they do so in great numbers. That not only increases the production capacity of businesses in the communities that they become a part of, but it also does its part to raise the gross domestic product as well.
According to one recent study, immigration workers contribute between 0.2% and 0.4% to the economy every single year. That may not sound like a lot, but it amounts to roughly $36 billion to $72 billion on an annual basis.
Indeed, the idea that immigrants help empower entrepreneurship in this country is certainly nothing new. It’s been proven that immigrants are far more likely to attempt to start their own business, for example. It doesn’t matter whether you’re talking about a convenience store or a tech-based startup – the fact of the matter remains. Finkelson also believes that this is a positive thing and he has the statistics to back him up.
Immigrants are more often inclined to start small businesses and those organizations are absolutely what make up the backbone of our economy. Another study indicated that small businesses were responsible for the creation of over 10 million new jobs between 2000 and 2019 alone. Not only that, but as of 2020 there were roughly 31.7 million small businesses in the country – accounting for approximately 99.9% of all organizations in operation at the time. Many of them were operated by immigrants.
Another topic that is important to Dr. Gregory Finkelson has to do with some recent news involving the EB-5 investment amount change that had been proposed for several months.
The EB-5 visa is an employment-based preference category that was first created as a part of the Immigration Act of 1990. It offers eligible investors a way to become legal, permanent residents in the United States – so long as they invest a certain amount of money in efforts like businesses that will generate economic activity. In the past, the EB-5 investment amount had dropped from $900,000 to $500,000 – something that caused the Department of Homeland Security to file an appeal.
Originally filed in August of 2021 by the Secretary of Homeland Security, a man named Alejandro N. Mayorkas, the appeal was recently dismissed at the federal level. This means that not only has the Department of Homeland Security voluntarily withdrawn its efforts to get the investment amount back to its original total of $900,000, but it has permanently done so – meaning that it is highly unlikely that the total will increase beyond $500,000 in the near future.
From Dr. Gregory Finkelson’s perspective, this is a good thing. It significantly lowers the barrier to entry for people coming into the United States who have a passion and desire to be here, and it also helps to empower our economy as well – something that the still-ongoing pandemic has shown us is desperately needed.
Overall, Finkelson believes that immigration has always been and will remain a positive trend in this country. Since the early 1990s, it’s been linked to many innovations – including ever-increasing patenting rates among people who were not born in this country. The more we’re able to collectively innovate, regardless of where it is coming from, the better we all do as a society. This is especially evidenced in the rise of STEM-based occupations over the last decade.
These are also reasons why he will remain staunchly pro-immigration, as is evidenced by his company – American Corporate Services, Inc. If something makes the country more productive, more efficient and more innovative, it’s certainly not a problem – in fact, it’s something to be encouraged.