"This Act is an interim step that can be done quickly and serve as a floor on taxes for the highest-income taxpayers, cut the deficit by billions of dollars a year, and help encourage more fundamental reform of the tax system," it adds.
Republicans in the House are preparing their own path toward tax reform, one that would lower overall tax rates in return for eliminating some tax deductions.
In an email sent Monday morning, House Republicans said Democrats are missing the point that the struggling economy demands reduced taxes, not tax hikes.
"This week, when everyone is filing tax returns, the Senate will vote to increase taxes that will discourage economic growth and decrease investment," House Speaker John Boehner's (R-Ohio) office said. "In contrast, the House will vote to cut taxes for small businesses and expand opportunities for small business growth and job creation."
The House this week will take up a bill offering a 20 percent tax cut for small businesses.