‘Almost exactly offsetting the boost’: Higher gasoline prices this year could wipe out tax refunds from Trump’s One Big Beautiful Bill Act

In January, the White House celebrated what they claimed to be the “largest tax refund season in U.S. history,” promising hundreds of dollars more in refunds this tax year as a result of changes to the tax code, thanks to the One Big Beautiful Bill Act (OBBBA).

But economists warn those savings could go up in smoke—or rather exhaust, cancelled out completely by elevated gas prices as a result of the ongoing war in Iran. 

An analysis led by economists at the Stanford Institute...