Elon Musk's DOGE Explores Launching Tax-Filing App, Impacting H&R Block and Intuit Shares

Elon Musk's Department of Government Efficiency is reportedly considering developing a free mobile app for tax filing, which has caused shares of tax service providers Intuit and H&R Block to drop. This initiative aligns with Musk and Vivek Ramaswamy's mission to reduce government spending and follows the Biden administration's introduction of a free IRS tax-filing system. The move is part of a broader effort to cut federal budget costs and challenge the dominance of private tax-filing companies.