TurboTax parent company Intuit  (INTU) - Get Intuit Inc. (INTU) Report was up nearly 8% Thursday morning, placing it on pace to have its largest single day jump in six years following President Trump's tax proposal Wednesday. 

If approved, Trump's tax plan would reduce the number of tax brackets from seven to three while also cutting itemized deductions. The changes simplify the tax code and could entice people to use the do-it-yourself filing option that TurboTax provides. 

Tax preparer H&R Block  (HRB) - Get H&R Block, Inc. (HRB) Report was also rising more than 2% Thursday morning. 

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