Educational Expense Tax Relief Act

Educational Expense Tax Relief Act - Amends the Internal Revenue Code to allow an income tax credit for half of the first $500 in tuition paid for each of the taxpayer's dependents, his spouse and himself to an elementary or secondary school, vocational school, or higher education institution. Allows an income tax deduction for the first $1,000 paid annually into a qualified higher education trust fund for each of these individuals. Provides for a progressive reduction of the limitation on these benefits for middle and high income taxpayers.