Tax Equity for America's Middle Class Act

Tax Equity for American's Middle Class Act - Amends the Internal Revenue Code to allow a three-year tax credit for an individual who purchases a qualified passenger vehicle during the economic recovery period of ten percent of the purchase price of the vehicle. Limits the cost of the vehicle to $15,000 and taxpayer income to $40,000 ($60,000 in the case of a joint return). Defines the economic recovery period as the two-year period beginning January 1, 1992.

Allows a five-year tax credit for the purchase of a principal residence by an individual for a first-time homeowner during the economic recovery period of four percent of the acquisition price of the residence. Limits the acquisition price to $100,000 and taxpayer income to $40,000 ($60,000 in the case of a joint return).