Return Capital To The American People Act

[AI summary unavailable — showing source text] Return Capital To The American People Act - Amends the Internal Revenue Code to provide all taxpayers with a 50 percent capital gains deduction. Allows such deduction in computing adjusted gross income. (Sec. 3) Increases from 50 to 75 percent the exclusion for gain from the sale or exchange of certain qualified small business stock. Reduces from three to five the number of years which such stock must be held in order to be excludable. Makes such exclusion available to corporations. Repeals the minimum tax preference. Doubles the dollar gross asset limits domestic C corporations must not exceed in order to qualify for the exclusion and institues an inflation adjustment. Repeals the per-issuer limitation. Modifies the working capital limitation and the definition of a qualified trade or business. (Sec. 4) Provides for the taxation of the gain from the sale of qualified small business stock, when such gain is used to purchase qualified small business stock, only to the extent that the amount realized from the sale exceeds: (1) the cost of any qualified small business stock purchased within 60 days of the sale; and (2) any portion of such cost previously taken into account. (Sec. 5) S…