All-Americans Savings and Investment Incentive Act of 1991

All-Americans Savings and Investment Incentive Act of 1991 - Amends the Internal Revenue code to provide individuals a deduction for capital gains based on the period the asset is held (up to three years). Excludes collectibles from such assets. Makes such deduction an item of tax preference.

Excludes from gross income interest received during a taxable year up to $350 ($700 in the case of a joint return). Provides a phaseout of such exclusion for incomes over $50,000. Makes such exclusion applicable to distributions from regulated investment companies and real estate investment trusts. Makes certain nonresident aliens ineligible for such exclusion.