While the latest in a series of legislative efforts to repeal the Affordable Care Act was derailed on Tuesday, the Trump administration's new focus on enacting tax reform is better positioned for success, politicians from both major parties said Wednesday.
"I think it's a high percentage that Congress will pass a bill and the president will sign it," said former Rep. Jim McCrery, R-La., on CNBC's "Power Lunch" Wednesday. Still, McCrery said that "what form it ultimately takes, and whether it could be truly called an overarching tax reform bill, remains to be seen."
McCrery said both practical and political reasons lead him to believe a large tax bill will survive the hitherto punishing legislative process and get signed into law.
First, the U.S. tax system, particularly for businesses, has grown anachronistic and less competitive against the rest of the world, McCrery said. While tax rates were adjusted within the past decade, the last major tax overhaul came in 2001 during the start of President George W. Bush's first term.
"And number two, the political imperative for Republicans," McCrery said. "That speaks for itself."