The bill, which passed 51 to 48, is expected to not pass in the House.
Details of the bill have been released as he child tax cut would be preserved while rates would rise by 4 percent on incomes above $250,000 for couples and $200,000 for single filers.
Under this bill, tax rates for families who make $250,000 or less will keep the same tax rate. Individuals who make $200,000 and below will also keep the same tax rate.
The House is scheduled to vote on the tax cuts next week.