H&R Block shares fall after Trump comment

Shares of H&R Block (HRB) fell Wednesday after President Trump singled out the tax preparation company in his pitch for his upcoming tax revision plan.

"We're going to simplify the tax code," Trump told a group of retail company CEOs in a morning meeting Wednesday. "It's too complicated. In fact, H&R Block probably won't be too happy. That's one business that won't be too happy."

The stock fell nearly 3% in late morning trading before moderating those losses. At the 4 p.m. ET closing bell, it stood 0.8% lower on the day, at $20.80 a share.

"We're doing a massive tax plan that is coming along really well. It will be submitted in the not too distant future. It will be not only good and simpler, it will be, you're talking about big numbers of savings," Trump said.

"We're going to lower the rates very, very substantially for virtually everybody in every category. Including personal and business," he said.

Retailers go to Congress to squash proposed border tax

The CEOs who attended the meeting include: Target CEO Brian Cornell, J.C. Penney CEO Marvin Ellison, Best Buy CEO Hubert Joly, Gap CEO Art Peck, AutoZone CEO Bill Rhodes, Walgreen Boots Alliance CEO Stefano Pessina, Tractor Supply CEO Greg Sandfort, and Jo-Ann Fabric and Craft Stores CEO Jill Soltau.

Their visits are part of ongoing, aggressive lobbying by the retail industry to thwart a proposed import tax -- called border adjustment tax -- that they fear will wipe out profits and potentially lead to consumers paying more for their products.

The border-adjustment tax, as outlined by House Speaker Paul Ryan, R-Wis. and Rep. Kevin Brady, R-Texas, would remove deductions of the cost of imports from their revenue. American companies' exports and revenues from products sold abroad would be tax-free.

The National Retail Federation estimates the plan could potentially lead to price hikes of up to 15% on products ranging from apparel to electronics. Proponents say it will raise revenue that can be offset with lower corporate tax rates while spurring job creation in the U.S.

H&R Block didn't comment on Trump's statement, but forwarded a LinkedIn editorial written by the company's CEO, Bill Cobb, in December.

Cobb said he agrees with "Trump’s goal to reform the tax code."

"The tax code is complex and difficult to navigate for many Americans, and it’s time for a change," Cobb wrote. "Today, the federal tax code is 187 times longer than it was a century ago."

"Regardless of the tax reform changes to come, we know that people are always going to want expert help to make sure they get the most money back," he wrote.

Follow USA TODAY business reporter Roger Yu on Twitter @ByRogerYu.