To amend the Internal Revenue Code of 1986 to provide that no capital gains tax shall apply to individuals or corporations.

Amends the Internal Revenue Code to replace provisions relating to an alternative tax for corporations on capital gains with provisions making 100 percent of the net capital gain of a taxpayer a deduction from gross income. Provides for the treatment of estates and trusts. Requires reducing net capital gain by the amount the taxpayer takes into account as investment income under specified provisions.