Tax Equity and Antirecession Act of 1991

Tax Equity and Antirecession Act of 1991 - Amends the Internal Revenue Code (IRC) to restore the ten-percent investment tax credit.

Allows individuals and corporations a deduction of 50 percent of the net capital gain from assets held for at least one year.

Increases the deduction for health insurance costs for self-employed individuals from 25 percent to 100 percent. Makes such deduction permanent.

Repeals the Tax Reform Act of 1986 to restore IRC provisions relating to income averaging.

Modifies the corporate income tax rate by increasing the dollar thresholds per bracket and creating a 40% and 46% bracket for incomes in excess of $500,000 and $1,000,000, respectively.

Increases the income tax rate for certain high-income individuals.

Removes the ceiling on wages subject to social security taxes and provides a reduction in such taxes.