A tax-filing app created by Trump's planned "Department of Government Efficiency" would be a competitor to both H&R Block and Intuit's TurboTax.

Key Points

  • The stock prices for H&R Block and Intuit fell after a report said Trump’s government efficiency team is considering creating a free tax-filing app.
  • Intuit, which makes the TurboTax tax-filing software, closed down 5%, while H&R Block closed down 8%.
  • A tax-filing app created by Trump’s planned “Department of Government Efficiency,” headed by Elon Musk and Vivek Ramaswamy, would be a competitor to both H&R Block and TurboTax.