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The president of the U.S. Hispanic Chamber of Commerce praised President Trump for his leadership in shepherding the tax bill toward his desk.

If approved by a final vote, the bill should land at the White House by Christmas.

Javier Palomarez said tax reform is "critically needed" for small businesses in the country.

"When we look at economic growth at three percent, that is just great news for American business," he added, regarding the improvement during Trump's term thus far.

Martha MacCallum asked about Palomarez' prior criticism of Trump, in which he called him a "complete clown" and resigned from the National Diversity Council.

Palomarez said he still doesn't agree with Trump on everything, but that they are in full agreement on the importance of tax reform.

"We're thrilled that it looks like [tax reform] might happen," he said, urging all of Congress to "get behind this tax bill."

He said he will continue to make phone calls to legislators to press for their support.

Palomarez said that currently, most small businesses classify as "sole proprietorships," allowing the IRS to tax them at 45 percent. The tax bill would lower that by about 20 percent, he said.

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