Supreme Court in session; Brazil runoff election; Britain backs off tax cuts

On Oct. 3, 2022, the Supreme Court will begin a new term; the contentious presidential election in Brazil is now headed for a runoff at the end of the month; and Britain backpedals on new Prime Minister Lis Truss’ plan to cut taxes on the country’s wealthiest.

Supreme Court back in session – The Supreme Court kicks off a new term Monday. It marks the debut of the newest justice, Ketanji Brown Jackson, who became the first Black woman appointed to the bench earlier this year. There are some big cases ahead of the court right away. The justices will be hearing a case that could limit the scope of the Clean Water Act of 1972 and the Voting Rights Act of 1965.

Brazil election set for runoff – Brazil’s presidential election is headed to a runoff after conservative President Jair Bolsonaro outperformed expectations over the weekend. Some polls had leftist former President Luiz Inacio Lula de Silva beating incumbent Bolsonaro by double digits. However, Lulu was able to secure only 48% of the vote, which is shy of the majority needed to secure a victory. The runoff election is set for Oct. 30.

Britain’s backpedal on wealthy’s tax cuts –The British government scrapped plans to cut taxes for the country’s top earners Monday. The plan was announced 10 days ago but sparked turmoil in the financial markets. The announcement sent the pound to record lows. Americans who look to take advantage of a weakening pound could be surprised by the currency’s rebound. It rose back to roughly where it was before the tax cuts were announced.