Senate's 'Buffett Rule' bill includes sense of Senate calling for tax reform

The Senate on Monday will hold a procedural vote on a bill that would not only impose a "Buffett Rule" on wealthy taxpayers but also includes a "sense of the Senate" that Congress should take on full-scale tax reform.

"Congress should enact tax reform that repeals unfair and unnecessary tax loopholes and expenditures, simplifies the system for millions of taxpayers and businesses (including by eliminating the alternative minimum tax for middle-class Americans), and makes sure that the wealthiest taxpayers pay a fair share," reads S. 2230, the Paying a Fair Share Act.

"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.

More immediately, the bill would require all income earned above $1 million to pay a minimum tax of 30 percent. On Monday evening, the Senate will vote to end debate on a motion to proceed to the bill, which could be blocked by Republicans who oppose the tax increase.

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.

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