Not much progress reported on effort to overhaul tax code

The Capitol in Washington is quiet after lawmakers departed the for the Independence Day recess, Friday, June 30, 2017. The Republican leadership in the Senate decided this week to delay a vote on their long-awaited health care bill in following opposition in the GOP ranks.(AP Photo/J. Scott Applewhite)

WASHINGTON (AP) — The Trump administration and Republican congressional leaders appear to have made little concrete progress on a plan to overhaul the tax code and lower business and personal rates.

A joint statement issued Thursday offers fewer details than the guidelines the White House released in April. That’s raising some doubts as to how the Trump administration can meet its deadline of rewriting the tax code this year and deliver an economic boost in 2018.

The statement suggests that those negotiating the deal have yet to finalize specifics about how low rates could go and the possible impact on the budget deficit. The team includes Treasury Secretary Steve Mnuchin, House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell.

House and Senate committees hope to draft tax code legislation this fall.