Tariff Cost Could Eat Your Bigger Tax Refund 3/12/26

0:00with a CNBC, your money minute. I'm Jessica Edinger. Americans are getting bigger tax refunds this year than in previous years and businesses. We're hoping they're going to spend that. Walmart surveys indicate that it's more it's going to be dedicated to savings, but historical behavior would tell you otherwise. That's JP Morgan's Chris Horvors on CNBC. If you look back over the history of the consumer in the U.S., they get free money. They spend that money. But here's a surprise about your bigger tax refund for this spring. The Trump tariffs are sending prices just about that much higher. So it's just about a wash. People are going to see their tax refunds an average of $1,000 higher, but the tariffs are moving in the exact opposite direction. The tariffs are eating directly into that and that could go up to 1,300 that the tariffs are eating into American households spending. The Tax Foundation's Daniel Bunn on CNBC. Keep up on taxes and tariffs at CNBC.com.

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