While speaking at the Amazon.com distribution facility in Chattanooga, Tenn., on Tuesday, President Barack Obama re-introduced his 2012 campaign tax plan that would reduce corporate tax rate from 35 percent to 28 percent, with manufacturing firms getting an even lower rate of 25 percent.

President's plan, which brought the spotlight onto the tax reform conversations taking place in Washington, also calls for an increase in the amount of investments that small business can write off. 

However, the President is not the only one with a tax reform proposal. In fact, Sen. Max Baucus (D-Mont.) and Rep. Dave Camp (R-Mich.) have spent months trying to build moment for bipartisan federal tax code overhaul. 

According to The Washington Post, an economic analysis report by Ernst & Young identified three tax revision proposals already being considered by Congress that, while not currently attached to any legislation, could have a significant impact on small businesses and start-ups. 

One proposal would extend and expand a capital gains exclusion for the sale of qualified small business stock. Currently, a House bill seeks to make this a permanent tax break, increasing the size limit to $150 million in assets for eligible companies, which would provide investors with more companies to invest in. The analysis estimates that the adjustments will produce more than 350,000 new jobs. 

A second proposal would modify the type of losses that investors can subtract from their taxable annual income. The Post points out that the Senate Financial Committee, chaired by Baucus, has floated the idea of carrying forward "any losses from investments in research-intensive small businesses and use them to offset gains for tax purposes in the future." Not only will this decrease costs for investors and make raising capital easier, but it would lead to an additional $10.3 billion in investments each year, insists Ernst & Young report. 

The third proposal would enable an acquiring company or a new owner to use net losses for a small, pre-profit company to offset their taxable revenue. Researchers predict that this proposal would increase investments by $5.5 billion per year and create about 85,000 jobs, reports The Post. 

According to Baucus, the U.S. needs to be more competitive as a country and to do so, the nation needs a simplified tax code for small employers. Consequently, earlier this month the Senate Financial Committee called on all senators to submit proposals regarding which tax deductions or credits to keep in the new simplified tax code. The New York Times reports the committee received over 1,000 pages of suggestions, which will be kept anonymous.