A bill to amend the Internal Revenue Code of 1986 to provide a 15 percent maximum rate on capital gains for sales or exchanges after the date of enactment of this Act and before 1991, to provide indexing of the bases of capital assets sold or exchanged after 1990, to provide 20 percent maximum rate on capital gains from small businness stock, and for other purposes.

Amends the Internal Revenue Code to: (1) allow a noncorporate taxpayer a 46.4 percent income tax deduction for capital gains; and (2) decrease to 15 percent the maximum income tax rate applied to the capital gains of individuals.

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 of determining gain or loss.

Permits noncorporate taxpayers an income tax deduction of 28.5 percent of the gain from an investment in the stock of a small business whose outstanding stock is valued at less than $100,000,000. Allows the deduction only if the taxpayer is the initial acquirer of the particular stock and holds the stock for at least four years.

Allows corporate taxpayers an income tax deduction of 41 percent of the qualified small business net capital gain. Revises the computation of the alternative tax for corporations to include 20 percent of such gain.

Limits the maximum marginal tax rate on the income from such investments to 20 percent for individual taxpayers.

Adds the amount of the deduction for capital gain from such investments as a tax preference item for purposes of determining alternative minimum tax liability.