Gas Prices Threaten Tax Refund Boost
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
JPMorgan warns that soaring gas prices could offset the boost from larger tax refunds, with average refunds surging 11% to $3,571. The gas surge, the biggest monthly jump ever, is linked to global supply concerns. New tax breaks, like up to $25,000 off for tips and $6,000 extra for seniors, are driving this windfall. However, if gas prices reach $5 or more, consumer spending could stall, potentially dragging Q1-Q2 2026 growth lower than anticipated.
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