Trump Effect: Tax preparers fall as administration promises simpler code

Shares of publicly-traded tax preparers are lower after the Trump administration outlined its tax reform and simplification plan. TRUMP PLAN: Wednesday afternoon, Treasury Secretary Steve Mnuchin and National Economic Council director Gary Cohn unveiled the broad strokes of President Trump's tax plan. Among other changes, the proposal calls for just three tax brackets and a doubling of the standard deduction - likely reducing the need to itemize - while eliminating many tax breaks, with Cohn appearing to specifically criticize the convoluted nature of tax preparation: "Today, the basic 1040 form has 79 lines and 211 pages of instructions... Taxpayers spend nearly seven billion hours complying with these tax codes every year, and nearly 90% of taxpayers need some help in filing their taxes." PRICE ACTION: Shares of H&R Block (HRB) and Intuit (INTU) are down 0.6% and 2.4% in afternoon trading. "Trump Effect" is The Fly's recurring series of exclusive stories that highlight stocks that are being impacted, or are predicted to be impacted, by the comments, actions and policies of President-elect Trump and his administration.