A bill to amend the Internal Revenue Code of 1954 to allow an individual a deduction for educational expenses for his own education and the education of his spouse and children.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to allow an income tax deduction for amounts paid for educational expenses for a taxpayer or for a taxpayer's spouse, children, or dependents. Limits the amount of the deduction to $1,000 for any individual. Allows a minimum $100 deduction for educational expenses under that amount. Phases out the deduction where the adjusted gross income of the taxpayer exceeds $30,000 ($40,000 for joint returns). Provides that scholarship, fellowship, or educational assistance amounts are to offset deductible educational expenses dollar for dollar. Prohibits a taxpayer a deduction for educational expenses if the taxpayer is the dependent of any other person. Prohibits deductions for educational expenses with respect to any racially discriminatory school.…