The News
Elon Musk’s early push to streamline the government is already hitting Intuit and H&R Block, whose shares dropped amid chatter of a free tax-filing app floated by Musk’s new Department of Government Efficiency.
Intuit’s shares fell 5% while H&R Block’s stock dropped 8% Tuesday, marking its worst performance since 2020.
“Crazy idea: let’s simplify the tax code,” Musk posted on X.
If launched, the app would come on the heels of work from the Biden administration to make filings more accessible.
Earlier this year, the IRS rolled out free software to residents of 12 states as part of a larger invite to onboard the entire nation by the 2025 tax season.
The IRS largely leaves individuals to figure out how tax laws apply for themselves, unlike many other wealthy countries, but easier filings might handicap billion-dollar institutions like TurboTax owner Intuit, which spent decades lobbying against government attempts to offer free and easy filings.
