Figure 36

Second-generation immigrants (children of immigrants) have the most fiscal upside

Net fiscal effect (taxes minus benefits) by age, 2018–2023

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Sources: Calculations are based primarily on the Annual Social and Economic Supplements of the US Census Bureau’s Current Population Survey for March 1994–2023; and “National Data: National Income and Product Accounts,” Bureau of Economic Analysis, last revised September 2025. See Appendix for full details.

Notes: Ages use three-year averages. All amounts are in inflation-adjusted 2024 dollars.