Here’s some holiday cheer: 120 million American families no longer have to file income tax returns; the top individual rate is lowered by 20 percent; the top corporate rate is cut by more than half; the government gets the same amount of revenue; and the tax system is slightly more progressive.
French economist Christophe Barraud traces his passion for forecasting to his teenage years, when he and his father bet on horses at tracks around Nice. At a 2002 race, they wagered 100 euros on a winning pair of horses -- the short-odds darling and a long-odds entrant -- and doubled their money, mostly from the latter’s second-place finish. The payoff spurred Barraud, then 16, to dabble with rudimentary computer models to pick the most-profitable bets in sports.
With less than three weeks until their deadline, U.S. budget negotiators have yet to break an impasse over revenue, prompting lawmakers to draft plans to blunt $19 billion in defense cuts set to start in January.
The U.S. Navy’s Littoral Combat Ship lacks the robust communications systems needed to transmit critical data to support facilities ashore, according to an unreleased congressional audit, the latest in a succession of troubles for the $34 billion shipbuilding program.