Many average Americans aren’t seeing the kinds of refunds they expected in the wake of President Trump’s Tax Cuts and Jobs Act – instead, it’s wealthier people that are tending to see larger refunds. That’s according to Lance Weiss, a certified public accountant and partner with SFW Partners, LLC in St. Louis.
“You can’t argue with the math,” Weiss said during Monday’s St. Louis on the Air. “The [new] tax code was really designed to give bigger refunds to higher-income taxpayers, and that’s exactly what it’s doing.”
He added that most people probably did see “their total tax liability” drop, however.