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Amid inflation and rising prices, even a smallmoneywin feels pretty good for most consumers.
Higher gas prices are among the economic pain points that have come up during the presidential election.
You may be wondering how Donald Trumps eliminating income taxesmight impact everyday expenses like the cost of gas.
Lets dig a little deeper and find out!
Impact of Tariffs
Trump has talked about potentially using tariffs to eliminate the federal income tax.
Just like with other goods and services, prices will increase to offset the loss ofincome tax dollars.
With tariffs, most companies face a higher cost of doing business.
Thats because the demand would increase, putting a crunch on the supply and leading to higher prices.
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