Business leaders call for quick approval of Trump tax plan

As expected, President Donald Trump unveiled plans for a massive overhaul of the nation's tax system on Wednesday, seeking deep cuts in business and personal taxes.

While the text of the legislation is still being hashed out, the announcement comes at a crucial time for the Trump administration, which has yet to notch a significant policy victory in its first eight months. After two failed attempts at repealing and replacing the Affordable Care Act, many in the business community think the tax overhaul may be President Trump's best chance for a win.

On Wednesday's "The Final 5," Jim Lokay was joined by Alfredo Ortiz, CEO of the Job Creators Network, a non-partisan group pushing for comprehensive tax reform.

Small business owners, Ortiz says, would be the biggest winners in an overhaul package.

"Make no mistake -- the recent progress in the campaign for tax relief should bring optimism to the 29 million small business owners and the roughly 56 million people that depend on them for their livelihoods," said Ortiz, who claims the current tax rates stifle job creation and expansion efforts.

One major change to the push is a slightly smaller cut to the corporate tax rate, which sits at 35 percent. President Trump had insisted on a 15 percent rate, while Congressional Republicans, who must shepherd any legislation along, wanted 20 percent. In the end, the proposed rate will sit at 20 percent, though Ortiz says the President's deal-making abilities could prove useful when it comes to a major fiscal issue.

However, in a Congress that has been deadlocked thus far, Ortiz has set ambitious expectations.

"They have 40 legislative days left. I'd like to see them pass this by Thanksgiving," he said, adding that he wants any cuts to be made retroactive to January 1.