A bill to amend the Internal Revenue Code of 1954 to reduce individual and corporate taxes on capital gains.

Amends the Internal Revenue Code to reduce the tax on the capital gains of individuals by repealing the capital gains item of tax preference for the minimum tax for taxable years beginning in 1979 and by lowering to 30 percent the rate on capital gains in excess of $50,000 for taxable years beginning after December 31, 1980.

Restores the pre-1969 tax treatment of capital gains, beginning in taxable years after December 31, 1981, by lowering the corporate and individual alternate tax to 25 percent of the net capital gain.