5 sources·Business

Trump's Government Efficiency Plan Causes Stock Decline for Tax Software Giants

H&R Block and Intuit stocks fall as Trump’s advisory commission explores a free tax-filing app.

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Updated: Nov 19th, 2024, 6:45 PM ET

Summary

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H&R Block and Intuit experienced significant stock declines following reports of Trump’s non-governmental Department of Government Efficiency considering a free tax-filing app. This initiative, led by Elon Musk and Vivek Ramaswamy, aims to streamline tax filing and cut government waste. The app could directly compete with existing tax services from H&R Block and Intuit, both of which have faced criticism regarding their free filing options. Additionally, the DOGE initiative comes after recent IRS pilot programs to facilitate direct filing for qualified taxpayers.

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