Show n. n The high cost of saving Having trouble saving money Finding Finding Finding Fin Fin- ding it difficult to put a little away for a rainy day If the answer to both of the above is it questions yes and we suspect it is might interest you to know youre you're not alone In fact our entire nation is in much the same fix According to Robert F. F Dee Chairman Chairman Chairman Chair Chair- man of the Board and Chief Executive Officer of Corporation the US U.S. saving rate is the lowest of all the nations of the industrialized world except except except ex ex- for Great Britian This despite the fact that we have about the highest per capita income in inthe inthe inthe the world We have the money to set aside for savings and we have a strong desire to save But what we totally lack is any incentive from our government that will make saving a sound investment investment investment invest invest- ment rather than an economic sacrifice Saving is not only important to us as individuals its it's vital to the economic health of our nation We need consumption consumption consumption con con- of course it makes the wheels of our economy spin faster Mr Dee notes But we also need savings savings savings sav sav- ings to get the capital to feed the fires that run the engines Savings personal and corporate are the energy stock of the free market system A sound economy must strike a good balance between saving and spending And yet the tax policy of the US U.S. government is clearly biased against thrift Contrast our government policy offering offering offering of of- fering only a few feeble incentives to 1 would-be would savers with the policies of other nations that have excellent rates of saving All of them Mr Dee says have government programs to encourage encourage encourage en en- courage thrift Most of them have a variety of tax people incentives dont don't pay taxes on some or all of the interest earned or dividends received In some countries like West Germany citizens actually get a cash bonus for saving a certain amount each year The outlook for savers in the United States on the other hand is bleak Our savings are not only eroded by inflation inflation inflation tion but we also have to pay income tax on our earnings Now however we have a good chance to repair out tax to structure make it into one that strikes a better balance between saving and spending In the fall members of Congress will consider the Presidents President's tax reform proposals This is the perfect time Mr Dee points out for us to mount a letter campaign to our elected representatives representatives representatives asking for a better deal for forsa sa savers verso Heres Here's what we can say Our tax laws should be reformed to encourage saving The federal tax now imposed on income from personal savings savings savings sav sav- ings and investments should be reduced ed in iii i line lirie with the relief provided to citizens in other countries Lets Let's all write today Weve We've got to tomake tomake tomake make it crystal clear in Washington that the savers of this not country the spenders are the real heroes of o our our r economy |