Democrats now want to use "loopholes and subsidies" and such to raise more revenues, but this is a just another tax hike if they don't lower the rates. The purpose of reforming the tax code should be simplification and to put an end to tax schemes which favor large corporations or government's pet projects. The tax rate should be lowered after simplification and the end to favoritism.
If taxes are simplified and the rates are lowered, this will allow the market to grow, thus increasing employment. If we want to attract investment in the US, we have to deal with our crazy, convoluted tax system.