Spiking gas prices tied to Iran war are set to eat up tax refunds touted by Trump

WASHINGTON (AP) — The U.S. economy was supposed to start the year with a bang, fueled by an unusually large jump in tax refunds from President Donald Trump’s tax cut legislation. Yet spiking gas prices are on track to eat up those refunds, leaving most Americans with little extra to spend. “Next spring is projected to be the largest tax refund season of all time,” Trump said in a prime-time speech in December that was intended to address voters’ concerns about the economy and stubbornly high pr