To amend the Internal Revenue Code of 1986 to reduce the tax on capital gains of individuals.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to establish an alternative capital gains tax for individuals which takes into account qualified higher education expenses, first-time homebuyer expenses, and expenses for nursing home care of the taxpayer, the spouse, or any dependent of the taxpayer. Provides procedures for the indexing of assets for purposes of determining gain.…