Economic Growth and Family Tax Freedom Act of 1991

[AI summary unavailable — showing source text] Economic Growth and Family Tax Freedom Act of 1991 - Title I: Nonrefundable Tax Credit for Children - Amends the Internal Revenue Code to allow a tax credit of $1,000 for each child under the age of six and $300 for each child between the age of six and 18. Makes the dependent care credit inapplicable to children under the age of six. Title II: Reducing the Cost of Capital by Reducing Capital Gains Tax Rates, Indexing the Basis of Certain Assets, and Excluding Gain From Sales of Principal Residences - Amends the Internal Revenue Code to reduce the individual and corporate capital gains rate from 34 percent to 15 percent. Reduces such tax to 7.5 percent for low- and middle-income taxpayers. Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income which has been reduced by net capital gain. Requires 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 o…