Opt Out of Iraq War Act of 2007 - Amends the Internal Revenue Code of 1986 to allow taxpayers to designate that the percentage of their income, estate, or gift tax payments that would otherwise be used to fund the Iraq war be paid into a Future Fund from which funding will be provided, in equal amounts, to the Head Start program, to reduce the national debt, and for a Children of Iraq War Veterans College Fund.
Requires amounts in the College Fund to be used to pay the college costs of students that had a parent in the Armed Forces who served in the Iraq war for at least 180 days, died as the result of service in such war, or was hospitalized and unable to return to duty due to such service.
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