Even as their industry slowly rebounds from the misery that began with the 2008 financial meltdown, venture capitalists have a new worry—a push in Congress to impose more taxes on them.

Last month, the House passed a bill that venture capitalists said would hamper incentives to invest in early-stage companies. The bill, they said, would treat them the same way as oil or gold speculators. On Tuesday, Senate Democrats unveiled a modified version of the measure, which reduced some of the sting, but would still lead to a higher tax bill.

At issue is the tax rate on carried interest. Currently, the amount of money partners in a venture capital firm take as compensation is taxed at the 15 percent capital gains rate, not the higher income rate, which can reach 35 percent.

The House voted 215 to 204, largely along party lines, to tax up to 75 percent of venture capitalists’ compensation instead of as capital gains. According to the House plan, the government would tax 50 percent of this compensation as ordinary income in 2011 through 2013. Afterward, 75 percent of carried interest would be taxed as ordinary income with only 25 percent as capital gains.

The Senate alternative, offered by Finance Committee Chairman Max Baucus, would initially set a 50 percent ordinary income and 50 percent capital gains split, followed in 2013 by a 65 percent ordinary income and 35 percent capital gains division.

Before Baucus revealed details of his alternative, the reaction from the venture capital community was understandably hostile.

“If this bill is signed into law, Congress should expect a further decline of venture investment over time, a move away from seed and early-stage investment, and less innovation and job creation for our country,” Mark Heesen, president of the National Venture Capital Association, said about the House legislation.

On Tuesday, Heesen wrote a blog post that said the organization wouldn't comment because the Senate had yet to act. "Do not assume based on press or other reports that any proposals are final until a bill is signed into law," he wrote.

But one prominent venture capitalist was unimpressed by the Senate's action.

"As the rest of the world welcomes venture capital with open arms, the U.S. is pushing us away," wrote Draper Fisher Jurvetson co-founder Tim Draper in an email exchange with Portfolio.com. "Doesn't anyone in Congress see that by increasing taxes and regulations on businesses that create wealth and jobs, they are driving innovation away to other countries that have more competitive environments?"

The impetus for the tax hike is obvious—the government needs money. Democratic lawmakers think they can raise anywhere from $14 billion (the Baucus bill) to $17.5 billion (the House-passed version), though any savings would be used to pay for tax breaks for retailers and more unemployment benefits.

In fact, little of the debate so far has been around the carried-interest tax issue and instead has focused on jobs.