Kyl: Tax reform could take time

But while Kyl indicated that he could envision lower corporate rates and doing away with certain loopholes, he also said that he did not think tax reform should lead to the government collecting more in taxes.

“Our problem is not a lack of revenue, so I don’t want to see tax reform that ends up raising people’s taxes,” he said. 

Tax reform is a growing topic around Washington, with Kyl just the latest prominent official to weigh in. 

Both the Democratic and Republican leaders in the Senate — Harry ReidHarry Mason ReidDems search for winning playbook Dems face hard choice for State of the Union response The Memo: Immigration battle tests activists’ muscle MORE and Mitch McConnellAddison (Mitch) Mitchell McConnellSessions: 'We should be like Canada' in how we take in immigrants NSA spying program overcomes key Senate hurdle Overnight Finance: Lawmakers see shutdown odds rising | Trump calls for looser rules for bank loans | Consumer bureau moves to revise payday lending rule | Trump warns China on trade deficit MORE, respectively — talked up the idea of revamping the tax code on Thursday. 

Ben Bernanke, the chairman of the Federal Reserve, told a Senate committee on Friday that individual and corporate tax rates should be dealt with together and that lowering rates and closing loopholes was “the best approach.”