A bill to amend the Internal Revenue Code of 1954 to allow an individual a deduction for educational expenses for his own education and the education of his spouse and children.

Amends the Internal Revenue Code to allow an income tax deduction for amounts paid for educational expenses for a taxpayer or for a taxpayer's spouse, children, or dependents. Limits the amount of the deduction to $1,000 for any individual. Allows a minimum $100 deduction for educational expenses under that amount. Phases out the deduction where the adjusted gross income of the taxpayer exceeds $30,000 ($40,000 for joint returns).

Provides that scholarship, fellowship, or educational assistance amounts are to offset deductible educational expenses dollar for dollar. Prohibits a taxpayer a deduction for educational expenses if the taxpayer is the dependent of any other person.

Prohibits deductions for educational expenses with respect to any racially discriminatory school.