Family Care Package of 1988

Family Care Package of 1988 - Amends the Internal Revenue Code to revise the income tax personal exemption deduction, permitting a taxpayer to deduct amounts with respect to qualified dependents, as follows: (1) $5,000 for any child under age six; (2) $4,000 for any child between the ages of six and 19; (3) $5,000 for a person (including a spouse) mentally or physically incapable of self-care; and (4) $4,000 for any person aged 55 or older (including a spouse). Applies the $5,000 amount authorized for a handicapped dependent if a dependent is both handicapped and at least 55 years old.

Repeals the dependent care tax credit as of tax year 1989.