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Taxwell’s loan dips after Trump officials mull free tax filing app

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Taxwell’s loan dips after Trump officials mull free tax filing app

Sasha Padbidri's avatar
David Bell's avatar
  1. Sasha Padbidri
  2. +David Bell
•2 min read

Taxwell’s term loan debt traded down on 19 November following a report that President-elect Donald Trump’s government efficiency team has discussed trying to develop a free app for Americans to file their taxes.

Trump’s incoming Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, has held early discussions over a potential tax filing app as part of a broader overhaul of the US tax system, according to a 19 November report from The Washington Post. This comes as Trump and his allies seek to reduce government spending and federal regulation.

Cinven-backed Taxwell is the parent company of tax preparation brands Drake Software and TaxAct. The former provides software solutions to tax and accounting firms while the latter is a DIY tax filing software.

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