Get all your news in one place.
100's of premium titles.
One app.
Start reading
International Business Times UK
International Business Times UK
Business
Akshay Puri

Trump Promised Bigger Tax Refunds—But Rising Gas Prices Could Cancel Them Out

Higher fuel costs after the Iran conflict may wipe out gains from larger US tax refunds, slowing consumer spending in 2026. (Credit: Gage Skidmore/WikiMedia Commons)

The promise sounded simple. Bigger tax refunds would put more money into American pockets. That, in turn, would lift spending and give the economy fresh momentum. For many households, it was meant to be a small but meaningful relief after years of rising costs. Yet, as spring unfolds, that promise is meeting a harsher reality. Fuel prices are climbing fast, and they threaten to absorb much of what those refunds were meant to deliver.

A Boost That Arrived at the Wrong Time

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.