FT News Briefing The crackdown on Ukraine’s oligarchs
Dec 6, 2023
Leading economists predict the Federal Reserve will maintain high interest rates until mid-2024. A significant Supreme Court case could derail even proposed wealth taxes in the U.S. Meanwhile, Ukraine's crackdown on oligarchs is explored, revealing their historical influence and the corruption that has plagued the country. This reform effort is tied to Ukraine’s ongoing conflict with Russia and its ambitions for European integration, highlighting the need for independent institutions in the face of powerful oligarchical interests.
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Interest Rate Predictions
- Economists predict the Federal Reserve will delay interest rate cuts until at least July 2024.
- Investors, however, anticipate cuts beginning in March with a full percentage point reduction by year's end.
Wealth Tax Case
- A Supreme Court case challenges the taxation of unrealized gains, potentially impacting Democrats' wealth tax plans.
- The case revolves around a one-off tax on offshore profits, but the ruling could reshape the tax code.
The Moores' Case
- The case involves a couple, the Moores, who invested in an Indian farming company and faced a $15,000 tax on unrealized profits.
- They argue it's unconstitutional to tax unrealized gains, prompting debate on income definition.