President Donald Trump will likely score his first major legislative victory with tax reform, former House GOP Majority Leader Eric Cantor said Wednesday.
Cantor said that while America boasts the largest economy in the world, Washington was yet to come to terms with a "very unconventional" and "disruptive" leader.
"There is a much greater than 50 percent chance that tax reform will happen… the U.S. has got to stay competitive in this disruptive environment," he said at the Abu Dhabi International Exhibition Petroleum Conference (ADIPEC).
House Republicans are poised to vote on their tax reform bill on Thursday, hoping to secure the most concrete step yet toward overhauling the American tax system.
GOP leaders believe they can pass the bill this week, despite lingering resistance from some Republicans. Trump is expected to join lawmakers on Capitol Hill on Thursday in an effort to reaffirm the case for tax cuts shortly before the vote.
Key sticking points in making the final legislation include the treatment of state and local tax deductions and raising enough revenue to make up for the tax cuts.
Earlier in the month, Commerce Secretary Wilbur Ross said already "thrilled" business executives should expect even more regulatory relief over the coming months.
Ross said the Trump administration had been able to deliver on deregulation policies because the president was able to exercise his executive powers in order to achieve these aims.
And while other campaign pledges were yet to come to fruition, Ross said it would be unfair to blame Trump "when Congress fails to act on something."
— CNBC's Jacob Pramuk contributed to this report.