President Trump may have suffered a blow when it comes to health care, but his looming tax reform bill will get bipartisan support.

That's the assessment of Anthony Scaramucci, a hedge fund manager, and a Trump confidant who worked on the president's transition team.

"Even President Obama in his last couple of years in office said our corporate income tax rates are too high," Scaramucci said in a live event held by TheStreet on Monday night in New York City. 

Expectations of tax reform have driven U.S. stock markets to record levels since the 2016 election. Lower taxes are not only expected to boost corporate profits, but companies holding money overseas are expected to move money back to the U.S. should tax rates drop.

Both factors are expected to be a boon for shareholders.

Read more from TheStreet's "Wall Street Goes to Washington" series

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