Business guru Steve Forbes predicts that the Trump administration will enact tax cuts by year’s end but the Republican Party has “botched” chances of full tax reform for now.

“We’re going to get tax cuts reform means redoing the code,” Forbes told CNBC. He noted that it’s “too late” for full tax reform, saying the GOP “botched that” for now.

“What people want is a vibrant economy. They don’t care if Bill Gates gets richer. They want to know is ‘Is my paycheck going up?’ ‘Are my prospects improving?’” said Forbes, author of “Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming The Fed will Restore Hope and Prosperity.”

“So that’s why they’ve got to do a big tax cut and what they should do, since they’ve been so dilatory on this, make it retroactive to July 1st or Jan 1st so people get a big refund in April.