To amend the Internal Revenue Code of 1986 to provide for the indexing of the basis of certain assets.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to require indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss.…