Iran conflict could dampen tax-refund windfall as gas prices rise
TL;DR Summary
Americans are receiving larger federal tax refunds this year (average about $3,742, roughly 10.6% higher than last year), which typically boosts spending. But the Iran conflict is driving up oil and gas prices, raising costs for commuting, groceries, and shipping, potentially lifting inflation and mortgage rates and limiting the discretionary boost from refunds.
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- Soaring gas and energy prices could ‘completely eat up’ your bigger tax refund if the Iran conflict continues MarketWatch
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