The most important thing a parent can do is have a regularly scheduled dinner time where everyone in the family is present.
Not only do they have the opportunity to develop their oral language skills (a pre-requisite for reading and writing) but it gives parents the opportunity to impart their values.
Its a small thing really, but research supports this.
You can point your finger at video games, t.v., working moms, divorce, etc. but really its family dinners that make the difference.