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"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 permanently lower the corporate tax rate to 20 percent, sources told CNBC. It would also allow taxpayers to write off up to $10,000 in state and local property taxes.
President Donald Trump on Tuesday touted it as "the biggest tax event in the history of our country."