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...simple answer to our tax-system chaos is to abolish the IRS and adopt the Fair Tax. If everyone "who stays in America pays for America," there would be no reason to fund bloated federal bureaucracies to pursue tax scofflaws. Every person would pay 23% on every new car, suit, pair of shoes, radio or home. In return, individuals and companies would pay no income tax. With no disincentives to earning more, investment would boom. The stronger dollar would also deflate the price of oil, killing two birds with one stone. John P. Kuchta Jr., VIRGINIA BEACH...

Author: /time Magazine | Title: How Will China Respond? | 6/11/2008 | See Source »

...bigger question is whether the now nine-year-long rise in energy prices is at a definitive end, and to that, Rainwater offers a clearer answer: No way. He began formulating his big oil bet after reading the 1992 book Beyond the Limits, a wonky, statistics-driven--and extremely frightening--follow-up to the famed and controversial 1972 Club of Rome report on resource depletion, The Limits to Growth. Since then he's remained an avid consumer of the more apocalyptic visions (war, global economic collapse) of what could happen as oil production peaks. "This is the first scenario...

Author: /time Magazine | Title: Will the Oil Bubble Burst? | 6/5/2008 | See Source »

...important enough," asks Thompson, our national-security correspondent and a Pulitzer Prize winner, "isn't it important to have sufficient troops so that the Pentagon doesn't have to keep recycling troops into combat like mental cannon fodder, without consideration to the price they ultimately have to bear?" The answer, of course...

Author: /time Magazine | Title: The Big Stories | 6/5/2008 | See Source »

...anyone looking for an acknowledgment of defeat was hunting for teacups at the hardware store. She congratulated Obama on the race he had run without noting that he'd won it, and called every vote for her "a prayer for the nation," as though she alone could answer...

Author: /time Magazine | Title: Past and Prologue. | 6/5/2008 | See Source »

...while exhorting us to choose meaning over money, Faust did not seem to have a ready answer as to why so many of us make the opposite choice. To me, it seems that that answer lies neither in our avarice, nor in our overriding relish for the intricacies of corporate finance...

Author: By Brian J. Rosenberg | Title: Risking It All | 6/5/2008 | See Source »

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