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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 »

...national mall, these words need to be chiseled in granite for the children of our children to read, showing that in this year there was a recognition of reality: "The message many Republicans took from Reagan's successes of the '80s and still preach today is that tax cuts pay for themselves. That's nonsense." David C. Hoffmeister, EASTON...

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

...Cameroon's topography and weather cannot change, although better road conditions could improve the fuel efficiency of vehicles. And, so far, the kinds of ideas floated by U.S. and European politicians - gas-tax breaks or increasing use of biofuels - have not yet been broached in Cameroon. Instead, politicians in Yaoundé have tried to ease the burden by cutting taxes and import duties on basic foods. And they have promised to review fuel prices and to build more refineries to boost fuel supplies. Although Cameroon has rich offshore oil deposits of its own, it has only one refinery...

Author: /time Magazine | Title: Navigating a Real Oil Shock | 6/11/2008 | See Source »

...China is hungry for energy, and with the country choking on its addiction to highly polluting coal, Beijing has mandated that more power should come from renewable sources. The fast-flowing Nu offers vast potential for hydropower. The local government sees dams as a way to boost tax revenue and raise the incomes of the local people, who earn less than half of the national average...

Author: /time Magazine | Title: Damming China's River Wild | 6/10/2008 | See Source »

...says his family lost valuable cropland and the payment offered by the government is not enough to compensate. Job growth due to hydropower work is unlikely, the resident says, because the dam builders rely on outside labor. "Building this dam is good for the local government because of the tax revenue they can get off the electricity," says the resident, who asked to not be named because of the sensitivity of the issue. "But the local people will just come to grief...

Author: /time Magazine | Title: Damming China's River Wild | 6/10/2008 | See Source »

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