American Values Tax Savings Plan for the 21st Century

American Values Tax Savings Plan for the 21st Century - Title I: Marriage Penalty Relief - Amends the Internal Revenue Code to provide that the standard deduction for married individuals shall be twice the deduction for unmarried individuals. Eliminates the marriage penalty in individual income tax rates.

Title II: Phaseout of Estate and Gift Taxes - Provides for the phaseout of the estate and gift taxes.

Title III: Phaseout of Alternative Minimum Tax for All Taxpayers - Provides for the phaseout of the alternative minimum tax.

Title IV: Reduction in Individual Capital Gain Tax Rates - Reduces individual capital gain tax rates.

Title V: Increased Incentives for Retirement Savings - Increases and indexes the IRA contribution limit. Increases the income limitation applicable to conversions.

Title VI: Incentives for Health Insurance Coverage - Provides for the deduction of 100 percent of the health insurance costs of the self-employed. Permits the carryover of unused benefits from cafeteria and flexible spending arrangements.

Title VII: Incentives for Education - Excludes from gross income education distributions from qualified State tuition plans. Expands such plans to include eligible educational institutions.

Title VIII: Repeal of Telephone Excise Tax - Provides for the phaseout of the telephone excise tax. Expresses the sense of the Congress that the Federal Communications Commission E-rate discount program for schools and libraries should be terminated.

Title IX: Extension of Expiring Provisions - Provides extensions for the: (1) credit for increasing research activities; (2) work opportunity credit; and (3) subpart F exemption for active income financing.

Title X: Pay-Go Reform - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to set forth pay-as-you-go provisions.