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 ReidDemocrats say change to filibuster just a matter of time The Hill's 12:30 Report - Presented by Connected Commerce Council - Biden faces reporters as his agenda teeters Biden hits one-year mark in dire straits MORE and Mitch McConnellAddison (Mitch) Mitchell McConnellHow Cruz Supreme Court case could lead to unlimited anonymous election spending Trump and Biden should stop denigrating US elections The Armageddon elections to come 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.”