James Flanigan's column ("Rise in Savings For Retirement Not A Fluke," Aug. 20) quite rightly suggests that it is despite, not because of, our anti-savings tax laws that our citizens are sacrificing more to save more for a more serene and sooner retirement.
But everyone benefits from a higher savings rate, as proven by juggernaut Japan. Their tax laws encourage, not discourage, individual savings. That's the capital that is fueling their impressive growth.
Short-sighted beyond belief was the provision in the 1986 tax reform act that cut back on the already minimal $2,000 IRA instead of increasing it two-, three-, or four-fold. Why? The pursuit of short-term tax dollars, and never mind the deleterious long-term effects on economic and individual entities.
Why not learn from the Japanese that capital (savings) is a capital idea--in progressive capitols?
JOHN CARL BROGDON