Elon Musk's DOGE Eyes Free Tax-Filing App, Impacting Market Leaders

Musk's Department of Government Efficiency considers simplifying tax filing, affecting stocks of Intuit and H&R Block.

Elon Musk and Vivek Ramaswamy lead the Department of Government Efficiency, exploring a free mobile app for tax filing.
Reports of the potential app led to significant stock drops for Intuit and H&R Block, with declines of 5% and 8% respectively.
The app aims to simplify the complex U.S. tax code, which currently contains over 16 million words.
The IRS has already introduced a free Direct File program, which could expand nationwide by 2025.
DOGE's discussions are preliminary and part of a broader effort to reduce government spending and regulations.