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Will Obama's immigration policy changes impact your wallet?

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    David Selig says illegal immigrants are costing the US to lose money

  • Duration 6:21
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This transcript is automatically generated

Folks have been writing in about this.

It couldn't -- of many is what will this cost us.

Let me just read some of these Randy snow says who's the judge of the so called best and brightest I want the hardest working.

Are these people paying taxes now and or will they have to now this new rules in effect.

That's a great question.

-- right now what's happening is to these so called undocumented.

Illegal and sometimes legal.

Immigrants from Mexico.

We're losing a great deal of money and all explained now.

Section 152 of the internal revenue code allows immigrants legal and otherwise to.

That's right.

Each one of these deductions cost the American taxpayers 3650.

Dollars.

But that's not where the problem lies the problem lies is if you of an individual who claims for five dependence of Mexico many of them fraudulent.

Right the government acknowledges that.

They qualify for the earned income credit which is a euphemism for welfare.

We lose and I would challenge any sitting congressman or senator to refute my figures.

Approximately 28 billion dollars a year towards that type of fraud and I can guarantee it to the penny.

I was going to ask you right away do we confirmed that they have his dependence back -- how they had we cannot do that's fascinating because tonight claim I have family members in Mexico cannot.

The way this works it is two.

Entice trader to make things more.

Acceptable to certain people we -- dependence for the two contiguous nations.

Canada and Mexico but the Canadians are held to a much more rigorous standard.

You see in Mexico the thought is out in the hinterlands in the past real areas they don't necessarily have birth certificates they record these alleged -- In these rosters in churches in fact of the matter is there's an awful lot of fraud.

Government acknowledges about one out of four I think it's significantly higher.

Now that is a hidden costs that most people are not aware of but been beating this -- for over two years.

Every election times I think I personally important to you well ahead.

-- -- -- big proponents of financial and fiscal accountability from our elected officials.

I think we need a return to generally accepted accounting principles and they have abdicated that responsibility.

You pay too much taxes I payment too much taxes your viewing audience does.

We need our elected officials to be good stewards of that money and allowing this type of thievery this theft.

It's just unfair to you and I and everybody in your viewing audience will this new rule of allowing these young folks to stay here -- revenue generating for our country.

Well now that's another issue you see if -- an individual and I can tell you this from seeing it in my practice not participating in it but seeing it.

Let's that you have an individual who is here illegally they can still get a taxpayer identification number.

Now they may work on the books for two -- three days.

Claims sixteen or 171000 dollars -- -- the rest this off the books and then they qualify for these.

Credits the earned income credit in various breaks that they really don't deserve so right away there's a lot of the very but there's another issue that we really have to step up on.

And that's these wire transfers.

From the United States to largely Mexico.

A perfect example is last year the administration address this.

But not in any meaningful way what they did was they controlled the fees that were being charged on the wire transfer with no accountability of how much is actually -- So you can have an individual who claims he is making.

20000 dollars a year has transferred 200000.

Dollars from.

-- or prostitution whatever it may be Uncle Sam is the one title to his share.

And we never see that money again it -- the economy I've been calling for a 1099.

Transfer tax collect the money -- right there if they're honest people really supporting their moms and children.

Fine at the end of the year will reconcile our bucks.

If it turns out that they're just the crooks and thieves that I believe them to be many of the people who -- transferring these large sums of money.

Well then they'll be made good and honest taxpayers.

You have all these points that people are not thinking about.

To a great degree and something like this happens on Friday that raises our awareness so we asked these questions.

Why don't you run for office.

That's a great idea you know a lot of people said that should run for office in the fourth congressional district.

But I got a practice.

The family has depending on me and I'm very thin skins.

I don't know if I could handle that type of assault.

So are any of the elected officials that represent your district listening to what you have to thank I think there's a lot of lip service.

Everybody seems to be chasing these elusive votes.

You hear the Republican Party saying we're not anti immigrants.

The Democratic Party saying various things but we're not talking about.

Undocumented.

People were talking about people who just came here illegally and are largely gaming the system go to any.

Heavily Mexican neighborhood.

You'll seem more a disproportionate number of tax return -- because of the earned income scam and money transfer wire transfers.

And I assure you those places that are open 24 hours a day are doing a -- -- -- -- -- -- Regular financial institutions it's the bodega that's exactly right let's say it will transfer money to Mexico to and various parts of Latin America.

There's an awful lot of money trading hands and the government is just looking the other right now.

If you had a foreign bank account they will come down on you like white on rice.

Ton of bricks OK and they are making honest people who inherited money.

And had perhaps a Swiss bank account into criminals and here you have criminals and they're giving them.

Amnesty and purchase and -- their nest with the American taxpayers dollar.

I wish that you could attack the estate tax to I don't understand how you could build your wealth during your lifetime you leave it to a loved one and then they have -- pay a second tax even though you already hated in your lifetime.

But we'll save that for another day some.

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