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Led by House Speaker Paul Ryan, the GOP is expected to release the party's tax reform plan — dubbed the Tax Cuts and Job Act — on Thursday morning.

"This will be a game-changer," Ryan said in a tweet.

Tweet: @SpeakerRyan Today is the day. We are introducing legislation that will cut your taxes & make the entire system more simple. This will be a game-changer.

The plan is expected to , sources told CNBC. It would also allow taxpayers to write off up to $10,000 in state and local property taxes.

President on Tuesday touted it as "the biggest tax event in the history of our country."