Economic researchers at Goldman Sachs and Morgan Stanley have concluded that the anticipated consumer windfall from the "One Big Beautiful Bill" (OBBBA) has been largely neutralized by rising oil prices. While the legislation—retroactive to the 2025 tax year—introduced significant credits and deductions for tips, overtime, and childcare, the knock-on effects of the Iran war have shifted the economic ledger. For lower-income Americans, these increased energy costs may result in a net loss despite the promised historic refunds. Read the full story at Fortune (subscription).
Source · Fortune
