Elon Musk and Vivek Ramaswamy's Department of Government Efficiency is exploring the creation of a mobile tax filing app, aiming to disrupt the private tax service industry.
The initiative has resulted in a significant drop in stock prices for companies like H&R Block and Intuit, as the potential app threatens their market.
Musk and Ramaswamy's plans include potentially cutting $2 trillion from the federal budget and overhauling the tax system to offer free services directly to citizens.
The proposed app aligns with recent governmental efforts, like the Direct File system introduced under Biden, which provides a free option for tax filing.
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