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SINGAPORE, Nov. 23, 2024 (GLOBE NEWSWIRE) -- Trident Digital Tech Holdings Ltd (“Trident” or the “Company,” NASDAQ: TDTH), a leading digital transformation facilitator in the e-commerce enablement and digital optimization services market for small and medium enterprise (SMEs) in Singapore, today announced its unaudited financial results for the six months ended June 30, 2024. Initial Public Offering On September 11, 2024, the Company closed the initial public offering of 1,800,000 American Depositary Shares (“ADSs”) at a price to the public of US$5.00 per ADS. Each ADS represents eight Class B Ordinary Shares of the Company. Trident’s ADSs began trading on the Nasdaq Capital Market on September 10, 2024, under the symbol “TDTH.” First Half of 2024 Financial Highlights Total revenues were US$378,839, compared to US$481,165 for the six months ended June 30, 2023. Net loss was US$1,927,027, compared to US$1,861,412 for the six months ended June 30, 2023. Soon Huat Lim, Trident’s Founder, Chairman, and Chief Executive Officer, commented, “Our recent performance comes as we continue our ongoing business transformation, marked by our successful listing on Nasdaq this September. While we’re pleased with this important milestone in our corporate journey, we’re equally encouraged by the growing momentum of Tridentity, our Web 3.0 e-commerce platform launched in December 2023. As we navigate our business transition, we’re strategically investing in innovation and market expansion while maintaining disciplined resource allocation. The increasing adoption of our solutions across key verticals such as food and beverage, fintech, and retail validates our vision of bridging businesses to a secure and trusted digital commerce ecosystem. Looking ahead, we remain focused on leveraging our position as a U.S.-listed company to accelerate our growth and deliver long-term shareholder value.” Haiyan Huang, Trident’s Chief Financial Officer, added, “Our first half results reflect the ongoing transformation of our business model and the investments we are making to position ourselves for future growth. Our total revenues declined 21.3% year over year as we sought to prioritize the shift towards our Web 3.0 e-commerce platform. Our strategic investments in the business transformation, while impacting our near-term profitability, are essential to ensuring the security, functionality, and overall success of our platform. We remain focused on the disciplined execution of our transition strategy as we seek to become a leader in Web 3.0 enablement.” Key Financial Results Unaudited Financial Results for the Six Months Ended June 30, 2024 Revenues The Company’s revenues decreased by 21.27% from US$481,165 for the six months ended June 30, 2023, to US$378,839 for the six months ended June 30, 2024. The decrease was primarily due to the Company’s strategic shift towards prioritizing its Web 3.0 e-commerce platform, Tridentity, a core growth area for its long-term vision in the future. As a result, the Company allocated fewer resources to its consulting and IT customization business. This realignment allows the Company to concentrate on expanding its presence in Tridentity, positioning Trident to capture new opportunities in a rapidly advancing digital ecosystem. Tridentity, the Company’s flagship product, is a cutting-edge identity app built on blockchain technology, designed to provide secure single sign-on capabilities to integrated third-party systems in various industries, which was launched in December 2023. Tridentity currently includes three primary business modules: Tri-event for NFT (Non-Fungible Token) event ticketing, Tri-food for block-chain powered food delivery, and Tri-verse for virtual community connecting its users. As the platform remains in the development, optimization, and gradual testing stages, the Company generated only US$1,872 in revenue from providing technical support for selling event tickets on behalf of merchants through Tridentity for the six months ended June 30, 2024. Cost of Revenues The Company’s cost of revenues decreased by 7.49% from US$389,569 for the six months ended June 30, 2023 to US$360,390 for the six months ended June 30, 2024, primarily due to a decrease in direct labor cost and miscellaneous costs in total of US$141,141 as a result of a significant reduction in headcount in response to lower business volumes and cost controls, and partially offset by an increase of service fees in the amount of US$111,962 as a result of the fulfillment of slightly increased number of management software solutions projects since the second half of 2023. Gross profit and margin As a result of the factors described above, the Company recorded a gross profit of US$0.09 million and US$0.02 million for the six months ended June 30, 2023 and 2024, representing a gross profit margin of 19.0% and 4.9%, respectively. The decrease in gross profit margin was primarily due to the decrease in IT consulting services with relatively higher gross margin and high proportion of revenues in the first half of 2023, which had no revenue in the first half of 2024. Operating expenses Selling expenses The Company’s selling and marketing expenses slightly increased from US$253,343 for the six months ended June 30, 2023 to US$264,326 for the six months ended June 30, 2024. The increase was primarily due to hiring of additional business development personnel to support the launch, operation and promotion of Tridentity since the second half of 2023, which was partially offset by the decrease in marketing and advertising expenses due to the Company’s strict control over discretionary spending. General and administrative expenses The Company’s general and administrative expenses decreased slightly from US$1,551,710 for the six months ended June 30, 2023 to US$1,528,022 for the six months ended June 30, 2024. The decrease was primarily due to a decrease in professional service fees and other overhead expenses, which was partially offset by an increase in payroll expenses due to additional headcount in management. Research and development expenses The Company’s research and development expenses decreased from US$192,855 for the six months ended June 30, 2023 to US$172,519 for the six months ended June 30, 2024, primarily due to the decrease in system development expenses for which there will be no further related expenses in 2024. This decrease was partially offset by the increase in payroll expenses, outsource service fees and the technical support expenses for Tridentity. Other income, net The Company’s other income, net decreased from US$44,900 for the six months ended June 30, 2023 to US$19,391 for the six months ended June 30, 2024. The decrease was primarily due to the decrease of interest income and the depreciation of the Singapore dollar against the U.S. dollar in the Company’s reporting currency translation from S$1.3523 to US$1.00 for the six months ended June 30, 2023 to S$1.3552 to US$1.00 for the six months ended June 30, 2024, leading to a decrease in unrealized gain as the foreign currency exposures are liabilities. About Trident Trident is a leading digital transformation facilitator in the e-commerce enablement and digital optimization services market for SMEs in Singapore. The Company offers business and technology solutions that are designed to optimize clients’ experiences with their customers by driving digital adoption and self-service. Tridentity, the Company’s flagship product, is a cutting-edge identity app built on blockchain technology, designed to provide secure single sign-on capabilities to third-party integrated systems in industry verticals such as e-commerce, food and beverage, fintech, healthcare and health services, and wholesale and retail. Tridentity endeavors to offer unparalleled security features, ensuring the protection of sensitive information and safeguarding against potential threats, which promises a new and better age in the digital landscape. Orchestrating with and beyond Tridentity, Trident’s mission is to be the leader in Web 3.0 enablement, bridging businesses to a trusted and secure e-commerce platform with curated customer experiences. Safe Harbor Statement This announcement contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s strategies, future business development, and financial condition and results of operations; the expected growth of the digital solutions market; the political, economic, social and legal developments in the jurisdictions that the Company operates in or in which the Company intends to expand its business and operations; the Company’s ability to maintain and enhance its brand. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For Investor/Media Enquiries Investor Relations Robin Yang, Partner ICR, LLC Email: investor@tridentity.me Phone: +1 (212) 321-0602 * The shares and per share information are presented on a retroactive basis to reflect the reorganization. * The shares and per share information are presented on a retroactive basis to reflect the reorganization.SUNNYVALE, Calif. (AP) — SUNNYVALE, Calif. (AP) — Ooma Inc. (OOMA) on Wednesday reported a loss of $2.4 million in its fiscal third quarter. The Sunnyvale, California-based company said it had a loss of 9 cents per share. Earnings, adjusted for stock option expense and amortization costs, were 17 cents per share. The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share. The internet phone service provider posted revenue of $65.1 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $64.3 million. For the current quarter ending in January, Ooma expects its per-share earnings to range from 16 cents to 17 cents. The company said it expects revenue in the range of $64.6 million to $65.1 million for the fiscal fourth quarter. Ooma expects full-year earnings in the range of 61 cents to 62 cents per share, with revenue ranging from $256.3 million to $256.8 million. This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on OOMA at https://www.zacks.com/ap/OOMA
The London Lightning is in search of a seventh championship in franchise history and second straight in the newly formed Basketball Super League (BSL). Their new head coach Jerry Williams promises fans an exciting brand of basketball. “It's not going to be a 60 or 70-point game to where fans in the stands are bored,” said Williams, who is the seventh head coach in franchise history. “We're going to come out and put on a show. We're going to score a lot of points. We're going to play great defense and we're going to let them know, like we appreciate them being in the stands for us.” The season opener in Sudbury, they ruined the night for 3,000 fans with a 123-119 over the Five. London Lightning head coach Jerry Williams speaks to his team before practice on Tuesday Nov. 26, 2024. (Brent Lale/CTV News London) Fans and season ticket holders were excited to welcome them home for their first game at Canada Life Place (CLP) Thursday, but that game, along with two others on Nov. 29 and Dec. 3, were postponed. “The venue formerly known as the Budweiser Gardens has changed ticketing programs and the Lightning, for the first time ever, are really going to leverage the partnership differently by working with them,” said David Magley, president of the BSL. “The games didn’t get loaded and they weren't able to promote it. I don't know who whose reasoning that is, but it doesn't really matter. It just means that we have to make an adjustment.” When contacted Tuesday, CLP general manager Kelly Austin told CTV News, “It was not a Ticketmaster issue, and it was a joint decision with the Lightning to reschedule the games.” Fans enter Canada Life Place in London, Ont. prior to a London Knights game. (Source: TSN) “You’ve just got to move on,” said Williams. “We want the games to be this weekend, but it's not going to happen.” Whatever issue with the tickets has been resolved, as seats are now available for the new home opener on Dec. 8. “You've got, in my mind, one of the best venues (CLP) in North America for a league of our size that London plays in,” said Magley. “We have the absolute best program as well as fan bases over the years and the Lightning. If either one of them made a misstep, that's okay, because they haven't made many.” In year two, the BSL has increased from six teams to eight. Magley believes it will continue to increase in popularity and feels the franchises should double by year four. A ball goes through the hoop at London Lightning practice on Tuesday Nov. 26, 2024. (Brent Lale/CTV News London) “Next year probably 12 teams, and 16 teams the following year,” said Magley. “We'll probably have television that'll be stronger, and our live streaming will be better and it'll just be really good. But it just takes a little time to build that.” Back at Lightning practice, Williams is settling into his new surroundings in London. “I love it here, and I feel like this is my home,” said Williams, who won multiple championships in the ABA, and moved from Newfoundland where he coached last season. “I want to be here for the long term. Where I was at before you can't go out. You can't do certain things because people know who you are because it was small. But here you could go out, you could do your thing and, and the people are nice when they see you.” Shopping Trends The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us. 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Biden says Israel-Hezbollah ceasefire will take effect Wednesday morning A ceasefire between Israel and Lebanon's Hezbollah will take effect on Wednesday after both sides accepted an agreement brokered by the United States and France, U.S. President Joe Biden said on Tuesday. As Trump vows major tariff hike, a look at what the U.S. imports from Canada Some Canadian products could face huge tariffs on the first day of Donald Trump's administration in January. Here’s a quick look at what the U.S. imports from Canada. Longtime member of Edmonton theatre community dies during 'A Christmas Carol' performance Edmonton's theatre community is in mourning after an actor died during a performance of "A Christmas Carol" at the Citadel Theatre on Sunday. Police chief says 'extreme left group' behind Montreal protest violence; Legault calls for more arrests Quebec Premier Francois Legault is putting pressure on the Montreal police to arrest everyone involved in an anti-NATO protest that turned violent last week. Canadian government suspends contracts with Boissonnault's former company The medical supply company co-founded by Liberal MP and former minister Randy Boissonnault has been suspended from bidding on or entering into contracts with the Government of Canada. Kitchener Guelph man guilty in hit-and-run crash that killed cyclist A Guelph man has pleaded guilty to leaving the scene of a crash that resulted in the death of a cyclist and community advocate. 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Ottawa 'It's insulting:' Ontario premier slams Trump on Canadian tariff threat Ontario Premier Doug Ford is reacting to a threat from incoming U.S. president-elect Donald Trump to impose tariffs on imports from Canada, calling the proposal ‘insulting’ and emphasizing the need for leaders to work together on a response. O-Train Line 2 and 4 opening pushed into December at the earliest The head of Ottawa's transit service says we will learn more about the launch of O-Train Line 2 and 4 next week, as the north-south light rail line remains closed to passengers. More winter weather expected this week in Ottawa A freezing rain warning in Ottawa has been lifted after a low-pressure system moved through eastern Ontario on Tuesday. Environment Canada says freezing rain will transition to rain as temperatures rise above 0 C this morning. 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Edmonton LIVE | Alberta to announce actions against Ottawa's proposed emissions cap The Alberta government is hitting back at the proposed federal emissions cap Tuesday afternoon. Alberta Premier Danielle Smith says Trump's border concerns are valid as tariffs loom Alberta Premier Danielle Smith says Donald Trump’s concerns about the border are valid, as the president-elect threatens sweeping tariffs on Canadian goods. Edmonton police officer charged with assault An Edmonton police officer has been charged with assault. Regina Charged dropped against ex Regina high school teacher accused of sexual exploitation of student A former Regina high school teacher accused of having a sexual relationship with a 15-year-old female student was acquitted on Tuesday of all five charges he faced, Regina’s Court of King’s Bench confirmed to CTV News. SJHL game postponed in Weyburn over ammonia leak A hockey game scheduled between the Yorkton Terriers and Weyburn Red Wings has been postponed due to a "mechanical issue." Defence-called expert says Regina chiropractor accused of sexual assault followed industry standards An expert called by Ruben Manz’s defence counsel testified the Regina-based chiropractor, who is facing several sexual assault charges, followed the industry standard of care when treating the complainants. Saskatoon Saskatoon man hospitalized after he was allegedly stabbed in the forehead A man has been taken to hospital after he was allegedly stabbed in the forehead early on Tuesday. City to begin removing snow piled up across city Now that most major streets have been cleared of snow throughout Saskatoon, city crews will begin removing the snow. 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Vancouver Island B.C. court levies $4K fine, year-long ban for illegal fishing A British Columbia man was handed a $4,000 fine and a one-year fishing ban after he was caught using a gillnet to catch salmon outside of the legal fishing season. Man who stabbed stranger at Vancouver Tim Hortons released to halfway house: police Vancouver police are warning the public that a man convicted in the random stabbing of a stranger at a downtown Tim Hortons in 2022 will once again be living at a halfway house in the city. B.C. premier says Canada will negotiate from 'position of strength' on US tariff British Columbia Premier David Eby said Canada had to approach Donald Trump's plan to impose a 25 per cent U.S. tariff on Canadian goods from a position of strength, as business, trade and community organizations called for quick action on the trade threat. Stay Connected
Seahorse Freight Association celebrated journalistic excellence in the transport and logistics sector at its annual awards ceremony on Monday, and announced plans for a new mentoring scheme, as well as a training partnership with the British International Freight Association (BIFA). Over 150 guests gathered in central London to applaud winners in 11 categories rewarding excellence in journalism across the supply chain industry. At the event in central London, Seahorse launched a new Mentoring Scheme offering young and aspiring journalists pastoral support to help them fulfil their career ambitions, guide them through a difficult patch, or assist them to resolve a problem at work. The scheme is self-service, allowing mentees to enter and leave as they wish, providing some simple guidelines are followed. The mentors will be volunteers. “As well as recognising excellence in journalism in our sector, a key focus for Seahorse is the support and career development of young media professionals entering into our industry,” said Emma Murray, Chair of Seahorse and Chief Executive Officer, Meantime Communications. “We want to help the industry to attract the very best, and ensure career ambitions are fulfilled and talented professionals stay with the industry. “With this in mind, we have been working to launch initiatives to support and mentor newcomers joining us.” As well as the mentorship scheme, Seahorse is announcing a partnership with the British International Freight Association to launch a new educational initiative designed specifically for journalists and other staff working with the media that are newcomers to the freight and logistics sector. The course, titled “Freight & Customs Fundamentals for Media Executives,” aims to bridge the knowledge gap and provide incoming staff with an understanding of the complexities of international trade, freight management and customs procedures. This year’s Seahorse Journalism Awards received entries from across the globe for categories, including; Multimedia, Maritime, Air Cargo, Overland, Technology, Supply Chain, and new category Environmental, Social, and Governance (ESG) Journalist of the Year. There were also awards for Journalist of the Year, News Journalist of the Year, Feature Journalist of the Year, and Rising Star of the Year. The Personality of the Year Award was handed to Gavin Allwright, Secretary General of the International Windship Association for his dedication to renewable energy innovation in the maritime sector. Peter Edwards, co-founder of Heavy Lift and Project Forwarding International Magazine, was given the Lifetime Achievement Award recognising a varied career in the industry stretching back to 1959. Portcare’s Maria Udy, who sadly passed away after a battle with cancer was recognised with a special award for her dedication to Seahorse and to working with the freight community. “The Seahorse Awards, not only acknowledge talent and creativity, but also to pay tribute to the vital role that journalism plays in the freight and logistics sector,” said Murray. “They are more than a recognition of individual achievement; they symbolize the collective effort of all those who strive to improve communication.” The Seahorse Awards, were, once again, judged by a gender-balanced panel comprised of 24 industry professionals from a diverse range of backgrounds. The Seahorse Awards are supported by headline sponsor AAL Shipping, with categories sponsored by the TT Club, Lloyd’s Register, DNV, The International Air Cargo Association (TIACA), Davies Turner, PSA International, Global K9 Protection Group, Meantime Communications, Port of London Authority, and Glasgow Prestwick Airport. The Seahorse Freight Association is a not-for-profit organisation, which was founded in 1962 to bring companies in the supply chain, logistics, and transport industry together with the media who report on them and the Public Relations and marketing professionals who work in the sector. Source: Seahorse Freight AssociationThere will be no public hearings on the controversial bill to in Ontario as Premier Doug Ford’s government moves to pass it into law soon. Critics accused the Progressive Conservatives of quelling discussion on the by using their majority in the legislature to approve a time allocation motion that nixes public hearings. Government House Leader Steve Clark defended the measure, saying Health Minister Sylvia Jones signalled in August that “we were prioritizing this” so that a new treatment model called HART hubs can be in place for next spring. Short for “Homelessness and Addiction Recovery Treatment,” 19 such hubs across the province will share $378 million in funding and offer 375 supportive housing units and addiction recovery and treatment beds. “This is one of the bills that the government needs to get passed,” Clark said. The government has been taking applications for the HART hubs while proponents of safe consumption sites have been vocal in warning the plan to close 10 of them across the province — including five in Toronto — by March 31 will lead to more overdose deaths and an extra burden on busy paramedics. don’t want to hear from the people who actually are on the front line.” Liberal MPP Adil Shamji (Don Valley East), an emergency room physician, told reporters the government is missing a chance to improve the legislation. “It will lead to thousands more ER visits, it will lead to thousands more deaths, so we owe it to the democratic process, to the people of Ontario ... to look at this legislation carefully and get as much feedback as we can.” The legislation also introduces new penalties for fraudulent charging of and prohibits convicted sex offenders on Ontario’s sex offender registry from while they are required to check in with police.
OTTAWA - NDP Leader Jagmeet Singh says his party will not support a Liberal plan to give Canadians a GST holiday and $250 unless the government expands eligibility for the cheques, saying the rebate leaves out “the most vulnerable.” The Liberals announced a plan last week to cut the federal sales tax on a raft of items like toys and restaurant meals for two months, and to give $250 to more than 18.7 million Canadians in the spring. Speaking after a Canadian Labour Congress event in Ottawa, Singh says he’s open to passing the GST legislation, but the rebate needs to include seniors, students, people who are on disability benefits and those who were not able to work last year. Singh says he initially supported the idea because he thought the rebate cheques would go to anyone who earned under $150,000 last year. But the so-called working Canadians rebate will be sent to those who had an income, leaving out people Singh says need the help. The government intends to include the measures in the fall economic statement, which has not yet been introduced in the House of Commons. The proposed GST holiday would begin in mid-December, lasting for two months. It would remove the GST on prepared foods at grocery stores, some alcoholic drinks, children’s clothes and toys, Christmas trees, restaurant meals, books, video games and physical newspapers. A privilege debate has held up all government business in the House since late September, with the Conservatives pledging to continue a filibuster until the government hands over unredacted documents related to misspending at a green technology fund. The NDP said last week they had agreed to pause the privilege debate in order to pass the legislation to usher in the GST holiday. Singh said Tuesday that unless there are changes to the proposed legislation, he will not support pausing the debate. The Bloc Québécois is also pushing for the rebates to be sent to seniors and retirees. This report by The Canadian Press was first published Nov. 26, 2024.Improve universal health coverage nationwide
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Six Republicans in the Missouri Senate want to start the debate over whether to eliminate the state income tax with a move to a 4% flat tax. Among the bills filed in advance of the 2025 legislative session are identical proposals to move to a flat tax that also include provisions that would slowly reduce the rate to zero. Part of that plan is a proposed constitutional amendment that would put a strict cap on spending and allow sales taxes to be applied to services such as auto repair labor and accountant fees. “They really go together in tandem,” said state Sen. Curtis Trent, a Springfield Republican. “They’re sort of two pieces in one whole. It would change the conversation if the constitutional amendment wasn’t enacted.” During this year’s election campaign, Gov.-elect Mike Kehoe promised to eliminate Missouri’s state income tax . Kehoe hasn’t outlined the details of how the tax that provided 65% of the $13.4 billion in general revenue during fiscal 2024 would be dismantled without severe cuts to state programs. Since 2014, when lawmakers enacted a tax cut over the veto of then-Gov. Jay Nixon, Missouri’s top income tax rate has fallen from 6% to 4.8%, with another 0.1 percentage point cut set to take effect on Jan. 1. Two future tax cuts, to a 4.5% rate, are already in state law and will take effect if general revenue growth hits targets. Along with Trent, the bill for a 4% flat tax has been introduced by GOP state Sens. Ben Brown of Washington, Nick Schroer of Defiance and Jill Carter of Granby, as well as state Sens.-elect Brad Hudson of Cape Fair and Adam Schnelting of St. Charles. In the Missouri House, the bill and accompanying constitutional amendment have been filed by state Rep. Bishop Davidson, a Republican from Republic. Nonpartisan legislative staff have yet to prepare cost estimates for the bills, so the impact of an immediate move to a 4% rate is unknown. Hudson said he hasn’t discussed the proposal with Kehoe’s transition staff so he doesn’t know if it will be the favored plan. The plan for a 4% flat tax with provisions for further cuts, he said, was developed in conversations with other legislators looking for a plan that could be enacted without major disruptions. “There seem to be a number of us that agree that the product that you are looking at is definitely a great place to start this conversation,” Hudson said. The proposals have the backing of Americans for Prosperity-Missouri, an affiliate of the Koch brothers-founded super PAC , which endorsed the flat tax plan in a news release issued Tuesday. The release said the organization will use digital ads, petitions, mailers and door-to-door advocacy to promote the bills. “It’s past time for Missouri to join the ranks of states that have moved to a flat tax and are gradually phasing out their state income taxes that are a burden to workers and families,” state director Gary Hollis said in the release. AFP-Missouri provided feedback to legislators as they worked on the bill but did not draft the legislation, Hollis said in response to an email inquiry. Nationally, he wrote, AFP is backing tax cut proposals in several states. The proposals are also generating opposition, including the Missouri Realtors Association. The Realtors funded an initiative passed in 2016 to ban sales taxes on services that would be repealed by the proposed constitutional amendments. “It’s a really bad idea,” said Sam Licklider, lobbyist for the Realtors. “Nobody will admit to thinking taxes are a good idea. But on the other hand, how are you going to run the government?” For years, economists have described Missouri’s personal income tax as “nearly flat” because narrow tax brackets mean the top rate kicks in when taxable income exceeds $8,911. Taxpayers are allowed two deductions from their income before calculating how much they owe. The first is the standard deduction — $14,600 for an individual this year — that matches the federal deduction. The second is a deduction for a portion of federal income taxes that starts at 35% for the lowest income groups and phases out after income exceeds $125,000. The first $1,273 earned beyond the standard deduction is exempt from taxation. The brackets, each covering $1,273 of income, start at 2% and hit the maximum rate at $8,911 or more of taxable income. That means the top rate is paid on income exceeding approximately $24,000 a year, or 37.5 hours a week at the current minimum wage of $12.30 an hour. Shifting to a 4% flat tax would cost all taxpayers about $64 by eliminating brackets with a lower rate. Taxpayers would save money on income currently taxed at the highest rate, with net lower taxes starting when income exceeds $32,000. A taxpayer with an income of $250,000 would see a tax cut of about $1,500 with a 4% flat tax compared to the 2025 rate of 4.7%. People with incomes of $250,000 or more represent only about 1.5% of all returns but nearly one-third of all income reported. Missouri collected $9.8 billion from income taxes — before accounting for refunds — in the fiscal year that ended June 30, about 65% of general revenue. The state collected $13.4 billion in general revenue for the year after accounting for refunds. That is enough money, Trent said. “The goal is that the amount of revenue that’s available to the state right now would continue to be available on the same basis,” he said. When Missourians make a purchase subject to sales tax, they don’t pay just one tax. For state government purposes, it is actually four taxes. A myriad of local taxes imposed by counties, cities and special districts can more than double the state rate. For general revenue purposes , the rate is 3%, applied to cars, clothes, computers and other tangible goods, but excluding food purchased for home consumption. The tax generated $3.2 billion in the most recent fiscal year, about 21% of general revenue collections. Food purchases are subject to all other sales taxes. A tax of 1% generates money that is distributed to public schools on a per-pupil basis and a tax of 0.125% is dedicated to the operations of the Department of Conservation . The final piece is 0.1% split between state park operations and soil conservation efforts. Including local taxes means many taxpayers pay 8% or more on purchases. The highest rate on general purchases is in St. Ann, in St. Louis County , where the rate in special districts is 12.238%. Along with the constitutional prohibition on expanding sales tax to services, the Realtors in 2010 succeeded with an initiative that prevents sales tax from being imposed on real estate transactions . An additional tax of 9% would be needed to generate the same general revenue from sales tax that is produced by the personal income tax. “Folks can make an argument that a consumption tax is a better way to do business,” Hudson said. “I understand the philosophy behind that. But ultimately, what I would like to see happen is where the income tax goes away without the necessity of increasing taxes anywhere else.” The flat-tax proposals all make cuts beyond the move to 4% dependent on passage of a constitutional amendment intended to limit the growth of state spending. Under the proposal, growth in total annual appropriations — $50.9 billion from all funds for the current year after vetoes by Gov. Mike Parson — would grow, or decrease, along with the state’s population. When the population grows by 1% or more in a year, the growth rate would be the cap. Population growth of less than 1% would mean a cap of 1% year-to-year. And if the state’s population declined, state spending would have to be cut by the percentage decrease. Any revenue of estimates would be directed to a new fund in the treasury. When the total in the fund exceeds $120 million, it would trigger a 0.1 percentage point cut in the top income tax rate, with another 0.05 percentage point for every additional $60 million available when the calculation is made. Money in the fund could be used to cover any shortfall in available general revenue. If it was in place during the year that ended June 30, the deposit to the “Tax Reform Fund” would have been $294 million because actual receipts exceeded the estimate made in December 2023 by that amount. But the current revenue isn’t the only general revenue being spent by lawmakers. Even after $1 billion in vetoes, the budget will use about $1.6 billion of the $4.8 billion in general revenue surplus on hand on June 30. The sales tax changes made by the constitutional amendment would allow the state to charge a maximum rate of 3.775% on the broader base that includes services. The amendment would not force lawmakers to add services to the sales tax or change the rate, Trent said. “It doesn’t require it,” he said. “It would just make it available.” The amendment does allow one targeted sales tax that would exceed 3.775%. Anyone hiring a lobbyist would pay a sales tax of 6%. “They want to hurt people’s ability to petition their government for redress of grievances,” Licklider said. Missouri’s sales tax receipts have grown almost 45% since fiscal 2018, a combination of inflation of almost 25% and new revenue from online sales. In the same period, income tax collections grew by 27%. If sales taxes continue to grow at the rate of the past 6 years, it will take about 15 years before sales tax receipts match current revenue from income tax. “You have got to have a long time horizon upon which to accomplish any reform,” Hudson said. “A lot of the places that we’ve landed are basically designed to prevent the need for any tax increases, like shifting taxes from one area to another or any spending cuts. “We’re limiting the conversation to how we collect taxes instead of how much taxes we should collect,” he said. The spending cap is based on population, rather than growth in economic output or some other measure of economic activity such as personal income, because many state spending programs, such as public school aid, provide money on a per-capita basis, Trent said. “Using population is pretty common in how a lot of the funds in the state are distributed,” he said. Missouri’s population grew 2.8% from 2010 to 2020, lower than 39 other states. The value of all goods and services produced or provided, the gross domestic product, grew by an average of 2.5% per year in the same period. There are a lot of state spending lines that aren’t tied to population. Every state employee who has been on the payroll since Jan. 1, 2021 has received a net 21% pay raise. Other new payroll costs include a new state government base wage of $15 an hour and a $2 night shift differential. Payroll costs have also increased due to rising contribution rates for pensions. Inflation also pushes up the cost of goods the state purchases from asphalt for roads to Ziploc bags for food storage in state institutions. Those factors make spending limits based on population as bad an idea as the flat tax proposal itself, Licklider said. “You’ve got to have a basic income level to maintain a government,” he said. “How do you run a government on no money unless we want to simply not have a government, which strikes me as kind of a bad idea.” This was first published by the Missouri Independent, a nonprofit, nonpartisan news organization covering state government, politics and policy, and is reprinted with permission.
Is he a hero? A killer? Both? About the same time the #FreeLuigi memes featuring the mustachioed plumber from “Super Mario Brothers” mushroomed online, commenters shared memes showing Tony Soprano pronouncing Luigi Mangione , the man charged with murdering the UnitedHealthcare CEO in Manhattan , a hero. There were posts lionizing Mangione’s physique and appearance, the ones speculating about who could play him on “Saturday Night Live,” and the ones denouncing and even threatening people at a Pennsylvania McDonald’s for spotting him and calling police. It was all too much for Pennsylvania's governor, a rising Democrat who was nearly the vice presidential nominee this year. Josh Shapiro — dealing with a case somewhere else that happened to land in his lap — decried what he saw as growing support for “vigilante justice.” The curious case of Brian Thompson and Luigi Mangione captivated and polarized a media-saturated nation. It also offers a glimpse into how, in a connected world, so many different aspects of modern American life can be surreally linked — from public violence to politics, from health care to humor (or attempts at it) . It summons a question, too: How can so many people consider someone a hero when the rules that govern American society — the laws — are treating him as the complete opposite? Luigi Mangione, a suspect in the fatal shooting of UnitedHealthcare CEO Brian Thompson, on Monday at the police station in Altoona, Pa. Writings found in Mangione's possession hinted at a vague hatred of corporate greed and an expression of anger toward “parasitic” health insurance companies. Bullets recovered from the crime scene had the words “deny,” “defend” and “depose,” reflecting words used by insurance industry critics, written on them. A number of online posts combine an apparent disdain for health insurers — with no mention of the loss of life. “He took action against private health insurance corporations is what he did. he was a brave italian martyr. in this house, luigi mangione is a hero, end of story!” one anonymous person said in a post on X that has nearly 2 million views. On Monday, Shapiro took issue with comments like those. It was an extraordinary moment that he tumbled into simply because Mangione was apprehended in Pennsylvania. Shapiro's comments — pointed, impassioned and, inevitably, political — yanked the conversation unfolding on so many people's phone screens into real life. “We do not kill people in cold blood to resolve policy differences or express a viewpoint,” the governor said. “In a civil society, we are all less safe when ideologues engage in vigilante justice.” But to hear some of his fellow citizens tell it, that's not the case at all. Like Bonnie and Clyde, John Dillinger, D.B. Cooper and other notorious names from the American past, Mangione is being cast as someone to admire. Luigi Nicholas Mangione is escorted into Blair County Courthouse on Tuesday in Hollidaysburg, Pa. Regina Bateson, an assistant political science professor at the University of Colorado at Boulder, has studied vigilantism, the term to which Shapiro alluded. She doesn’t see this case as a good fit for the word, she says, because the victim wasn’t linked to any specific crime or offense. As she sees it, it's more akin to domestic terrorism. But Bateson views the threats against election workers , prosecutors and judges ticking up — plus the assassination attempts against President-elect Donald Trump this past summer — as possible signs that personal grievances or political agendas could erupt. “Americans are voicing more support for — or at least understanding of — political violence,” she said. Shapiro praised the police and the people of Blair County, who abided by a 9/11-era dictum of seeing something and saying something. The commenters have Mangione wrong, the governor said: “Hear me on this: He is no hero. The real hero in this story is the person who called 911 at McDonald’s this morning." A person demonstrates Monday near the McDonald's restaurant in Altoona, Pennsylvania, where police earlier in the day arrested Luigi Nicholas Mangione, 26, in the Dec. 4 killing of UnitedHealthcare's CEO in Manhattan. Even shy of supporting violence, there are many instances of people who vent over how health insurers deny claims. Tim Anderson's wife, Mary, dealt with UnitedHealthcare coverage denials before she died from Lou Gehrig’s disease in 2022. “The business model for insurance is don’t pay,” Anderson, 67, of Centerville, Ohio, told The Associated Press . The discourse around the killing and Mangione is more than just memes. Conversations about the interconnectedness of various parts of American life are unfolding online as well. One Reddit user said he was banned for three days for supporting Kyle Rittenhouse, who was acquitted after testifying he acted in self-defense when he fatally shot two people in 2020 during protests. “Do you think people are getting banned for supporting Luigi?” the poster wondered. The comments cover a lot of ground. They include people saying the UnitedHealthcare slaying isn't a “right or left issue" and wondering what it would take to get knocked off the platform. “You probably just have to cross the line over into promoting violence,” one commenter wrote. “Not just laughing about how you don’t care about this guy.” Luigi Mangione is taken into the Blair County Courthouse on Tuesday in Hollidaysburg, Pa. Memes and online posts in support of the 26-year-old man, who's charged with killing UnitedHealthcare's CEO, have mushroomed online. 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