American Dream Tax Fairness Equity Act of 1997

American Dream Tax Fairness Equity Act of 1997 - Amends the Internal Revenue Code to reduce the three-year capital gains rate to 15 percent.

Revises provisions regulating the computation of estate and gift taxes and credits, basing the taxes and credits on capital gains.

Requires a trust, on the death of any individual who contributed property to the trust, to recognize gain or loss as if that property was sold for its fair market value on the death date. Provides for the treatment of contributions by partnerships or corporations.