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What is Apple Card, the new credit card from Apple and why is it important?Not only is it a revolution in Apple design, it may just become a new central income stream for Apple services.Specimen of the Apple Card promotion from Apple.Apple Card: A Sublimely Simple Yet Profoundly Powerful New Apple Services Income StreamToday, March 25th, 2019 Apple announced a revolution in how payment cards [0] will work in the future. More than just a co-branded credit card, this is a well thought out deeply engineered new Apple product.Specimen, Tim Cook introducing Apple Card.My Personal Payment JourneyI have been in the payments industry, both merchant processing and card issuing since the 1980s. My interest in this sector was sparked by a lack of new technology being applied and a fascination with the history of money all the back to Sumerian Ring Coin. Back in 2008, I began to speak publicly about Apple becoming deeply involved in payments. It would be a great understatement to say just about everyone in the payments world and in the tech world found my assertions to be ludicrous. By 2012 on Quora [1] I tried to alert startups and legacy payment companies that it is futile and redundant to build many alternative payment systems that does not account for Apple using NFC and ultimately creating Apple Pay, Apple Pay Cash, Apple Card and ultimately an Apple merchant payment processing solution that include macro-payments, micro-payments and nano-payments ultimately. Few listened in fact some got publicly hostile towards me and branded me “un-hireable” at their payment startup because I dared to predict Apple would move to the payments business. That was a bit disturbing to me, I forgive but I don’t forget.In 2012, quite a few years before the NFC based Apple Pay system was released I said [1]:“It is clear to me that Apple will move to NFC…”I went on to not only predict Apple Pay [2] but to build the largest Apple Pay map in the world that offered a reminder, push notification when you enter an Apple Pay accepting retail location [3].Specimen, the Pay Finders commercial series.I have not continued my work on Pay Finders for Apple Pay for a number of reasons. I still feel rather strongly however that push notification of Apple Pay acceptance locations are critical as well as my map which is still the largest Apple Pay map in the world.In 2014 I said [2]:“We will see Apple present new extensions (to Apple Pay) that will use far more refined and richer experiences as Apple begins to integrate the back end of retailer’s POS systems. This will include data sent to the Apple Pay user based on the transaction inside of a real and effective receipt system”I present this personal journey for those that choose to be honest in the face of celebrity startups and trillion dollar valuations, that it is better to be lucid and direct, than to drink the cool-aide and say: “wow this is a great idea folks”, I have the scars you can research here on Quora to prove it, but today it is worth it. A few days before today’s announcement I had this precognition Tweet:🔮 The new Apple Pay will begin to surface on March 25th, 2019. It will be deeply weaved into new subscription models. Ultimately there will be an astounding new use case for micro transactions with Apple Pay Cash, fundamentally changing the former advertising models for content.— Brian Roemmele (@BrianRoemmele) March 21, 2019Specimen, a Tweet.If one were to analyze all of the millions of dollars that was wasted on wallets, new fangled ways to pay, new person to person payment systems and other digressions, it would total in to the hundreds of millions of dollars, all lost for no particularly good reason then “not invented here” mentality. Today, Apple indeed has rendered many business plans and business models irrelevant and redundant for many reasons.What Makes Apple Card So Special?Unlike any payment device before, Apple Card is fully engineered to an extent that only few companies have achieved in any product and has not been seen before in the payments business. By engineered I am speaking to not only the technology behind the product but the experience you will have using the product.Apple Card completely rethinks everything about the credit card, breaks it down to the fundamental essence and rebuilds it in modern engineered Apple-like delight. It represents all the things Apple stands for:SimplicityTransparencyPrivacyApple Card builds on the ease and security of the foundation of Apple Pay.The first card that encourages you to pay less interest.You can buy with your iPhone like any Apple Pay payment card or use the Apple‑designed titanium card anywhere in the world that does not accept Apple Pay. The Apple Card lives on the iPhone, in the Wallet app. Because of this it makes all kinds of new things possible.Specimen showing Siri AI presenting your transaction information privately.When you buy something using the Apple Card, you get a percentage of your purchase back in Daily Cash deposited to your Apple Pay Cash card. Not in a month from now like every other rewards card, but every day. There’s no limit to how much you can get back. The pure brilliance is Daily Cash goes right onto your Apple Cash card, so you can use it just like cash. This is profoundly important. Why? In one product Apple actually created two products:Apple CardThe New Apple Cash Card with an income stream from Apple CardNothing has ever been done like this before. Apple in effect is creating “new money” that has no net cost to Apple. Like all reward points cards, the cost of the reward points are actually paid by the actual merchant you paid using the payment card as the merchant account rate. In most cases, retail merchants that effectively negotiate their rates, are paying about 1.8%-2.25% for many reward cards. A portion of this funds that actual Daily Cash that accrues to the Apple Card user.Apple also earns income from the part of the Interchange, a portion of the merchant fee that Goldman, the credit card issuer collects from the merchant fee mentioned above, anytime the user pays any merchant with the Apple Card. When the Apple Card is used at Apple or special partner merchants, Apple pays no true Interchange fee and thereby saves the ~2% of which is part of the amount paid back as daily cash. I spoke of this in 2014 the day Apple Pay was announced [1] and produced a rather woodsy pie chart to illustrate how a typical Apple Pay transaction, prior to the Apple Card incurred fees and revenue to Apple. In this chart we see just about all fees charged to Apple eliminateted when Apple is the card issuer, and thus the recipient of the Interchange fee and processor fee and of course the merchant payment is to Apple.Specimen, wood cut of how Apple Pay earns revenue.The reward/ loyalty points aspect is not new. The new aspect is that Apple is funding a second payment card Apple Pay Cash card with “free” “found money”. This means Apple did not incur any material costs to create the money and move the money to the Apple Card user. In effect Apple is creating a “new economy” where Apple has “money in the bank” and they will go on to earn income in two fundamental ways:When the Apple Pay Cash card user pays any merchant, Apple gains revenue on this transaction.When the Apple Pay Cash card user pays Apple, Apple does not inure any merchant payment fee because they are the merchant and the card issuer.Astounding And Surprising New Apple Service Income From Apple CardAll of this has an incredible momentum effect for new revenue streams for Apple and frankly new impulse sales because of this new “found money” the Apple Card user will see accrue on every transaction they perform.Consider a 99¢ app purchase, currently Apple incurs about 13¢ payment processing fees of the 99¢ transaction. If the user is induced, and have no doubts Apple will offer inducements, to use Apple Pay Cash Daily Cash to pay, Apple pays $0. Lets look at that again, $0 vs. about 13¢. This alone would represent millions of dollars of new revenue for Apple. Payments for Apple will move from being a loss leader to a net revenue stream.How much new revenue would this generate? It is not too early to suggest that over the arc of 10 years, about 10% of Apple pure profits can come from payments alone. I do not arrive at this prediction lightly, the compounding effect is quite powerful. To add some aspect of how I make these predictions, I have been in the payments business since 1986.Apple Daily Cash As The New eBay/PayPal “Found Money” ModelThe thing that most folks, even payments experts don’t clearly understand, even in 2019 is how eBay + PayPal became so powerful. Indeed the network effect had a great deal to do with it, but also it was the “free” “on us” money that flowed from someone selling their old stuff in their garages and basements on eBay, thereby creating “new money” that was deposited at “no cost” in a PayPal account. Understand that this way of funding is far less than the ACH system and credit/debit card funding into PayPal. What eBay/PayPal did was create “new money” from stuff that may very well have been tossed away.Specimen, of monthly accrued Daily Cash.Today Apple has created “new money” that gives them top of the wallet, first in line, use of these funds. I am predicting that about $75 of every $100 in Apple Card Daily Cash will be collected by Apple for products and services. And even is those funds are not spent at Apple, Apple will still earn income from the use of the Apple Pay Cash transaction as part of the interchange all MasterCard transactions incur.The details on Daily Cash is:Get 3% back on everything you buy from Apple, whether you buy it at an Apple Store, Apple, the App Store, or iTunes. That includes games, in‑app purchases, and services like your Apple Music subscription and iCloud storage plan.Get 2% back every time you buy something using Apple Pay. That’s in every category, with no limits. Imagine all the things you use a credit card for every day — at Target, Walgreens, Lyft. You get 2% back on just about everything.Get 1% at a store, website, or app that doesn’t take Apple Pay, Apple Card gives you 1% of your purchases back in the form of Daily Cash.The Apple Card payment is due on the last day of the month, an easy to remember, system that makes sense. You can also set up weekly or biweekly payments to match when you get paid.By paying more often, it helps you save on interest. Apple Card sends reminders when the due date is coming up, using Apple Wallet push notifications. These two aspects are fundamentally important as they will aid in accurate and timely payments quite beyond standard payment cards. About 67% of late credit card payments are from not remembering the payment was due, or out of sequence pay checks. Apple Card goes a long way to solve this issue. I predict Apple will have one of the highest on-time payment records in the industry.Apple Just Broke “Breakage”The term “breakage” is more or less defined as a way loyalty and reward points can partly or entirely removed from the person that earned it. This is a standard in the payment card industry and it usually comes as the user assumed they banked the point for a future date—only to see the vanish. This use it or lose it approach is also exacerbated by a “change” in what the loyalty or reward point can buy. This inflation and the breakage is a way to claw back tons of profit by card issuers. In one fell swoop Apple broke this model with real-time daily cash that can not be impacted by expiration, point inflation (other than currency inflation) and other breakage models. The effect will be profound when it is properly promoted by Apple.Apple Changes What We Think Is A Credit CardThis is not the first Apple Credit Card, that actually was in 1986 during the release of the Apple Macintosh SE and Apple IIe promotions. It offered a very low APR and $2500 of instant credit. It was a bit of a success for Apple.Specimen of an Apple Credit Card Promotion Circa 1986.The new Apple Card is about to change the whole premise many credit cards use to drive income, interest. You can save on interest of course by paying the balance in full every month. But when you can’t do that, Apple Card does the math for you. You choose an amount you wish to pay $536, $643, $2,324 and the automated Apple Card estimate system will calculate the interest cost for you, in real-time. The variable APRs you pay for Apple Card ranges from 13.24% to 24.24% based on creditworthiness, this is on the low medium standard in the industry. The Apple Card also offers up smart payment suggestions that encourage you to pay a little more than you normally would, and helps you pay off your balance faster with lower or no interest charged.Most credit cards have fees of course, but Apple is doing quite a bit to eliminate just about all of them:No annual fees.No cash‑advance fees.No international fees.No over‑the‑limit or returned‑payment fees.No hidden fees.No surprises.If this is not enough, if you miss a payment, there is no charge for penalty rates.Siri AI + Apple Business ChatEvery time there is a purchase you get an instant notification from Apple Wallet. You’ll also be notified of any unusual activity. If you don’t recognize a charge you just tap to let Apple know. If you have a question, you could call or you can use Apple Business Chat integrated into Apple Card. This is a brilliant combination of Siri AI technology, prompting simple questions and answering and/or guiding you to a result or seamlessly turning the chat over to a live agent.This use of Siri AI is also quite sublime in this context as 80% of questions will be easily answered or acted upon by Siri AI over Apple Business Chat. This is called “dog fooding” in the tech industry and many folks will miss just how important this aspect of Siri AI and Apple Business Chat will be moving forward as these services infuse into just about all of Apple services.I wrote just how important Apple Business Chat is to Commerce and Voice Commerce via Siri in 2017 [7]. Apple Business Chat has formed the basis of Apple live customer service for over two years while many astute observers did not notice. A vast majority of customer service responses were formed by Siri AI and no one really noticed. This same platform will form the basis of Apple Card customer service. It will also form the basis of a Voice Commerce system formed around Siri and Apple Card and Apple Pay Cash. This aspect is perhaps just as important as all of the announcements that took place today, over the arc of the next 10 years.Specimen of Apple Card private Siri AI generated statement.Everything you buy using Apple Card is in an AI produced category presented as a color. The same colors show up in your spend summaries on your online, in-wallet statements. See orange, that’s Food and Drinks. See pink, that’s Entertainment.At a glance you will see what you have spent your money on in far better detail than any accounting software to date. This is achieved through a combination of deeper merchant information achieved by being the card issuer and though unique use of Siri AI to categorize and create a taxonomy of your spending habits in a way that is useful.Specimen of Apple Card private Siri AI generated detail statement with map of merchant location.Apple Privacy vs. “You” As The ProductApple is leading also with privacy on Apple Card. They present clearly that your payment history will not be shared with any marketing partners. This is quite unique and as simple as it sounds, it will become more and more important to consumers as the end of this decade plays out.Privacy as a leading selling feature for Apple will be infused into just about everything Apple does from this point on. From the secure enclave to differential AI privacy, Apple has planted a flag in this new territory. This is in the exact opposite direction of Google and Facebook. This will be the battle of the next decade and there is no doubt that privacy will win the day.Additionally like all Apple Pay based transactions Apple Card generates a one time use virtual number every time you pay online for extra security and some privacy. This takes place even if Apple Pay Online is not used. Apple Keychains will autocomplete a new virtual Apple Card number in real-time.The Apple Card Pardox- Phsyical Card Better Than Virtual Card?The physical Apple Card is a brilliant and sublime design that many will overlook as being “just a plain card”. I will go as far as to state that the new laser engraved titanium Apple Card, with just your name will become the new “white headphone cords” of this epoch. It is genius brand signaling that will in and of itself drive use of the card. Paradoxically the simple payment card may signal this more profoundly then Apple Pay on the iPhone itself. This effect is powerful and brand signaling has been a foundation to not only the iPod, iPhone, MacBook but also AirPods. I wrote about the AirPods brand signaling the day they were announced [6]. I said:“Apple will continue the tradition of brand signaling with AirPods to a great effect. They will transmit a brand commitment and potentially a lifestyle choice that many associate with a notable brand. This may be one of the reason for the extension of the earbud with the white shaft. However this extension also accommodates the primary beam forming microphone”Specimen of an Apple Card.Specimen of the laser engraved, titanium Apple Card.This turned out to be correct in the backdrop of “these things are ugly” by even deep Apple supporters when AirPods were announce. They went on to become one of Apple’s most successful products of the last five years. The same effect will turn out to be true for the physical Apple Card. In my view it is the most beautiful payment card ever designed. Few will see this today, but they will see it in a few years in retrospect.Besides the very unique Apple-like appearance of the Apple Card, it also serves as a normal mag stripe and EMV card. There are no NFC chips on the card at this point for a number of reasons. One important reason is this would create a static permanent number on the card that would open you up to potential fraud. However there is little reason for an NFC chip since you have, nearly all the time you iPhone that creates a far better user experience.Activating the Apple Card when it arrives is the mail is slick and Apple-like. The process is similar to the pairing process of AirPods. There is a new Apple Pay wallet service that allows for simple one click paring of the Card with the iOS device and the user. A small but very slick feature.The card displays no information about the owner other then the name. Of course there is a “hidden” card number “pan” in the magnetic strip and the EMV chip. The card number and CVV + AVS is available in Apple Wallet if you want to use a static number . You can use this for non-Apple Pay purchases online or over the phone.To use the Apple card online at a non-Apple Pay merchant is similar to how Safari stores your preferred payment cards today. At first this feature will only be available on the iPhone but later it will flow to all Apple platforms. The process generates a new Credit Card number each time it is called up. This one-time use number is similar to the way Apple Pay works at retail and online.The use of the Apple ecosystem for Apple Card like Safari, Apple Wallet, Apple Pay assure that it is harder for a user to leave the Apple world with Apple Card.Soon Apple App Store Developers Will Be Paid By Apple Pay CashApple App Store developers, the ones that earned since 2008, a year when the iPhone sold a measly 10 million units of iPhone, have made a collective $120 billion in sales from the App Store, with more than a quarter of that sum coming in 2018 alone, This ultimate shift to paying developers via this payment vehicle, even if just 20% elect to get their earnings faster, perhaps weekly or even daily will make Apple Pay Cash one of the largest payment distribution systems outside of government payments for Social Secueity. It would grow the ecosystem around Apple Card and in turn produce billions of dollars in new revenue for Apple. There is no doubt we may see this developer payment option staring to be tested in 2019.A final note about this prospect of paying developers via Apple Pay Cash cards, it has the prospect of allowing Apple to lower the 30% fee they collect from each transaction—perhaps significantly. This factor can completely shift the model of the App Store and create a complex problem for some Android App stores.Apple Card Signals Apple In CryptoOf all the aspects announced today on Apple Card, it is the creation of “new money” in Apple Pay Cash cards that is perhaps the most important. This will lead to Apple ultimately being involved in crypto payment systems if not Bitcoin directly. I predict we will see this in the next few years very clearly. I also assert this “new money” will form the basis of a new Apple Merchant Payment system whereby nano-transactions (below 1¢) and micro-transactions (below $1) will become not only popular, it will remake the internet and Voice First, SiriOS world into a commerce model and away from an advertising model. We can already see this in Apple News+ and Apple TV+ announced today. Apple Pay forms a tapestry around these systems as it did with Apple Music and App Store.Apple SiriOS Voice First PlatformI feel rather strongly in the premise of a Voice First future, I call this The Last Interface [4]. In this new Voice First world advertising as we know it is—over [5]. We will not tolerate an ad inserted into our dialogues we most certainly will have in the next 10 years with any Voice First platform. Thus Apple Pay Cash will form a payment paradigm to compensate in nano and micro transactions to developers and partners offering “apps” and services. I call this SiriOS for Apple and there is no doubt that a complete OS for Siri is not an option, but a requirement.Today we saw how privacy and no-advertising was a fundamental part of Apple News+ and Apple TV+ [8]. We saw how local curation using Siri AI takes place on the device. This forms the foundation for a complete SiriOS that operates trough any content channel: Audio, Video, Text. Including:PodcastsNewsMagazinesMoviesThus we can see just how important it is to have Siri AI and Apple Pay combined into a simple platform that can be manifested as SiriOS services package accessible via any Voice First platform, Alexa, Google or Apple. The intelligence is not the content but the AI in the channel, this is the fundamental reason for a deviceless SiriOS with deep context and privacy and today we have a hint of this. I predict we will see more by the Apple World Wide Developer Conference (WWDC) in 2019.Apple Card As An Engineered ExperienceApple can do all of this in credit card because credit cards are not the central business of Apple. The central business of Apple is the Apple engineered experience. Like all things Apple, they do not need to invent new things necessarily, no, Apple just needs to reinvent the experience.Today Apple has done more than introduce a new payment card. Apple has reengineered everything we have come to know about the entire experience. From the simple elegance of the laser engraved titanium card to the brilliant use of Siri AI, Apple has once again reinvented an entire industry curated to the most important and simple elements. Apple has made a complete payment system that is worthy of the brand name. It truly is an Apple Card._______[0] Apple Card[1] https://qr.ae/TW8Mwk and Brian Roemmele's answer to How does Apple make money from Apple Pay?[2] https://qr.ae/TW8V0i[3] http://PayFinders.com[4] http://TheLastInterface.com[5] https://www.forbes.com/sites/quora/2016/12/05/voice-first-technology-is-about-to-kill-advertising-as-we-know-it/#79a8f8513788[6] https://qr.ae/TW8iUu[7] Brian Roemmele's answer to What is an Apple Business Chat? Why is it important?[8] Apple News

I think Dr. Subramanian Swamy appears to have stolen my idea. Well, I am kidding. But, let me tell you, I have also been thinking on the same lines, i.e., of abolition of income tax, for last 20 years or so. I’ll explain my own reasons as to why do I support abolition of income tax and how it will help India.But, before that – a disclaimer. I am not an economist. However, I have been regularly reading the Economic Times for last 40 years. I have also been reading other financial newspapers for last 20 years or so. In 1999 when I left IPS, several of my articles were published in the Financial Express (some of them are still available online on FE website); thereafter, due to my other professional engagements, it became difficult to continue writing in FE. So, with all humility at my command, I can claim to know a “little” about economics. In any case, economics may perhaps be better handled by common sense than by hard-core naysayer economists.As per the revised figures, for the financial year 2016-17, the total income tax collection was Rs. 3.53 lakh crore and total corporate tax collection was Rs. 4.94 lakh crore.[1] It is noteworthy that while corporate tax is shown separately, it is actually income tax on companies and derives its legal authority from the Income Tax Act itself. So, we can say that the total income tax collection (for all persons, including companies) was Rs. 8.47 lakh crore.I believe that if income tax has to be abolished, then income tax on companies (called corporate tax) is also be abolished, since it is the latter which may be more beneficial to the economy. The Government itself realises the importance of a lower tax on companies vis-à-vis the individuals. For example, in the latest 2018 Budget, the Government has reduced the corporate tax to 25% for companies whose annual turnover is up to Rs. 250 crore. This is the base rate (i.e., without cess/surcharge etc.). Compare it with the base rate of 30% income tax for individuals whose income is more than just Rs. 10 lakh. The Government, thus, realises that lower corporate tax spurs business growth, and thus benefits the economy.Now, suppose income tax (including corporate tax) is abolished, what are the consequences?Let us consider it in two components.Firstly, the corporate tax component of Rs. 4.94 lakh crore. If the companies do not have to pay this much tax, where will this money go? Will it disappear from the economy? No. It will mostly remain with the companies. So, what will they do with this additional money? They will invest this money in further businesses. Even if some of this money is kept in banks, it will go to businesses through bank loans. So, the fact remains that most of this money will get back in business growth. In the form of more industries. More employment. More production. More growth. More GDP. Moreover, abolition of corporate tax will make our companies highly competitive at the world stage (by as much as about 20-25%), leading to export-competitiveness and thus more exports. And, a virtuous cycle starts.Also note that when there are more industries and more businesses with this additional money, there will be more production and more services, and this will lead to a big spike in GST collections. So, some amount of the above money will directly or indirectly come back to the Government, year after year; not from the original kitty but from the enhanced kitty of new businesses. And, this will be with a compounded rate of growth as this will happen year after year on more and more enhanced base.Before I move further, let me highlight the magic of compounding, for the benefit of those who are not aware of it. It is pure black magic. Compounding is the Eighth wonder of the world. Give a minute to me to explain it.A chessboard has 64 squares (8x8). I place grains of wheat on this chessboard, in such a way that the first square has 1 grain, the second square has 2 grains, the third square has 4 grains, the fourth square has 8 grains, the fifth square has 16 grains, and so on. This means, the number of grains placed on the next square is double of those on the previous square. In this manner, all the 64 squares are filled with doubling the number of wheat grains vis-à-vis the previous square.So, what is your estimate, how much wheat would be needed? 1 kg? 10 kg? 100 kg? Now, please get ready to get the biggest shock of your life. It would be more than the quantity of wheat than has EVER BEEN produced by the humanity till date!!!Let me show you how. The total number of grains of wheat required in the above chessboard calculation would be 18,446,744,073,709,551,615. This is about 18,446,644 TRILLION. See the calculation formula for this at this link in the footnote.[2] Or, you can do the calculations manually - a tough task indeed.Now, the weight of a single grain of wheat is about 65 milligram.[3] This means that there are about 15432 grains in 1 kg of wheat. When we divide the above number of 18,446,744,073,709,551,615 grains by 15432, we get 1195356666259043 kg of wheat required to fill 64 squares of chessboard. This is equivalent to about 1195356 Million Tons of wheat. Now, in 2014, a total of only 729 Million Tons of wheat was produced in the world as a whole.[4] This means that at this rate, we need production of 2737 YEARS of wheat of the whole world to fill the chessboard with wheat grains!!! Remember, in the past years (say a few hundred years back), wheat production was much less.So, do you now agree with me that compounding is pure black magic and that it is the Eighth wonder of the world?Well, let me now come back to the main issue. So, if Rs. 4.94 lakh crore is invested by corporates in further industries EVERY YEAR and the resultant income is further invested using the magic of compounding (though here, the rate of compounding will be less and so the chessboard story is not applicable to the full extent), you can easily visualise the impact on the economy, the employment, the GDP, the growth, the development, etc.Okay, let me now come to the second component of income tax, i.e., Rs. 3.93 lakh crore which is collected from individuals, firms, HUFs, etc. Suppose this income tax is abolished. It will put this much additional money in the hands of individuals. Most of it will go to banks as savings. Some of it will go to stock markets and other assets. So, basically this part will also go to add to growth of business / industry, since banks will ultimately lend mostly to businesses. So, the above virtuous cycle would be repeated mostly with this component too.And, the remaining amount out of Rs. 3.93 lakh crore will be spent on consumer goods. Remember, most of this income tax is paid by rich or salaried people. So, here again, the Government will get more GST on the additional goods purchased and the industrial demand will increase (for consumer goods).The net effect is that out of the total of Rs. 8.47 lakh crore, that will become available with individuals and companies, EVERY YEAR, most of this money will spur industrial growth, GDP growth, more GST, more employment, etc.So, Narendra Modi’s MAKE IN INDIA will get a real boost. Unfortunately, till date, Make In India is not successful as it was expected to be.Let me tell you the truth. The story so far is only half-told.The real benefit will come from somewhere else. No, I am not talking of eradication of black money. I’ll come to that issue a slightly later. Right now, I am talking of something else.Zero corporate tax rate can attract tremendous amounts of Foreign Direct Investments (FDI) in India from abroad. India has the so-called demographic dividend. It has skilled manpower. It has natural resources. Its infrastructure is also now reasonably OK. If we can abolish corporate tax, it can lead to rush of FDI in India. A multinational company investing in India can get an added advantage of about 22% through zero corporate tax vis-à-vis, considering that the average corporate tax rate in the world is about 22%. This is a huge benefit for corporates – the MNCs. It improves their competitiveness. Remember, MNCs look always for competitive advantages when they invest in various countries. A lot of manufacturing and services industries can shift to India from other countries, especially from China. India can become the world factory, much like what China is today.This will be a real boost to MAKE IN INDIA. We cannot visualise the benefits that can accrue to India, in terms of GST collections, more employment, better GDP growth, becoming an industrial and developed country. And, so on.Well, all said and done, for the present, let us forget all the above benefits. In the worst to worst situation, the loss of taxes due to income tax abolition can be met by increasing GST on luxury or sin goods by a few percentage points. As I mentioned above, income tax is mostly paid by rich and salaried people. It is they who mostly consume luxury goods. The GST rate on essential goods is already very low, either ZERO or 5% or may be 12%. So, if you increase GST by a few percentage points on the luxury and sin goods, it is not going to affect poor population. It will mostly affect the rich sections of the population, which are given the benefit of abolition of income tax. Note that GST is designed in such a way (with input tax credit and reporting of backward purchases) that evasion of GST will become very difficult. And, this is the worst scenario, as I am of the considered opinion that we may not even need GST rate hike. Other forms of alternative taxation, such as a marginal bank transaction tax may perhaps also be considered.What are the other benefits of abolition of income tax?Eradication or at least drastic reduction in black money. We have two types of taxation. Direct taxes and indirect taxes. With the introduction of GST in the field of indirect taxes, the tax evasion will become more and more difficult over next one year or so, once GST fully settles down. This is so because its design takes care of evasion of taxes to a great extent. Further improvements can be made (along with strict implementation) to ensure that there is no evasion of GST.But, it is difficult to completely stop evasion in Income Tax, i.e., in the field of direct taxation. If income tax can be abolished, then there would be no need to evade taxes.This will ensure that there would hardly be any black money, except due to corruption, which I shall be dealing with in a separate article / answer, sometime in the near future. In fact, black money itself gives rise to a lot of corruption, since you have to bribe the tax officials and politicians to hide your black money. So, reduction in black money will reduce corruption also, to some extent. In any case, this question is not related to corruption. It is about taxation.So, no black money will remain stashed in gunny-bags, godowns, secret cupboards, etc. Most black money will come back to the mainstream, in circulation. This will further spur economic growth, more businesses, more taxes, etc.At present, many rich people evade income tax by showing the income as agricultural income or otherwise keeping the money stashed in property, gold, jewellery, etc. India has tens of thousands of tons of gold, which is of almost no use to the economy, instead it is harming our economy since we are one of the largest importers of gold. Removal of black money may release such hidden capital to the real economy – industry, business, etc., thereby helping our economy grow.As it is, poor people never pay income tax and rich generally evade such taxes. Middle class – especially the service class – have generally less chance to evade the income tax. It is noteworthy that only about 2.5% Indians pay income tax. A substantial portion of income tax evaded by rich, lands in the pockets of the Income Tax officials by way of bribes.Abolition of income tax can thus lead to a simpler system. People will tend to be more honest in their business dealings. As mentioned above, loss of taxes due to abolition of income tax can be more than compensated by much higher investments in industry and business, drastically increased FDI from abroad, more GST collections, more growth, more employment, etc. Still, if needed, GST rates in luxury goods and sin goods can be tweaked to compensate for loss of income tax; and, chances of evasion of GST are comparatively much less due to the system on which it is built (input tax credit with backward purchase reporting). The alternative taxation proposals such as marginal bank transaction tax may perhaps also be considered. In the worst scenario, if needed, in the initial few years, disinvestment in PSUs can meet the revenue targets, till the virtuous cycle of investment and growth pays its dividends to the public exchequer.If you want to move to a cleaner system, with drastically reduced black money and the virtuous cycle of investment and growth, abolition of income tax is a good option.Remember, during the emergency period in 1970s, the maximum income tax rates used to be more than 90%. Now, the income tax rate ranges from 5% to 30%, and yet the heavens have not fallen. Abolition of income tax can be good for the nation, in the long run. And, it would be good for the ruling party, in the short run, since it can win back power through votes of middle class.Footnotes[1] https://www.indiabudget.gov.in/budget2017-2018/ub2017-18/rec/tr.pdf[2] Wheat and Chessboard Problem[3] Grain | unit of weight[4] International wheat production statistics - Wikipedia

Here’s a review of the online clothing site, Fashion Nova.Given that Fashion Nova has terrible customer service; they don’t issue refunds (store credit only) and that they produce knock-offs of designer clothing, they offer very poor delivery, and they add extra charges that customers aren’t informed about, I would hardly describe Fashion Nova as “a success” as an online clothing site. If anything, I would say that Fashion Nova is a knock-off site that fails to provide a positive customer service experience — and that’s not my definition of success.Fashion Nova Review: Is It Legit or A Fashion Scam?If you're reading this page you've probably seen all the hype about Fashion Nova on Instagram and other social media platforms. But can you really believe the Fashion Nova reviews from paid Instagram models? Well if you want some real and honest reviews about fashion nova, then you're in the right place. But I'm warning you, you may not like to know the truth buying from Fashion Nova.What is Fashion Nova?Fashion Nova is a new online women’s wear fashion house specializing in clothing for curvy women. It considers itself as a ‘’body-positive brand’’. Their main point of sale is online via Fashion Nova | Fashion Online For Women & Men | Affordable Clothing, although they do have retail stores in Los Angeles South California. Fashion Nova was founded in 2014 by Richard Saghian, and became popular with a lot of help from Instagram celebrities and social media “it” girls.What Are The Fashion Nova Products?The online start-up fashion company rose to the limelight with their ‘’body-conscious’’ line of clothing. Fashion Nova has an elaborate catalog of women’s clothing, including jeans, dresses, tops, sweaters, jackets, jumpsuits, leggings, Jeggings and pants. They also have loungewear, swimwear, lingerie, shorts, pants, footwear and bodysuits. Accessories include everything make-up, sunglasses, bags, bras and jewelry. On their website, you will find Kylie Jenner’s exclusive page, a bestsellers section, coming soon, spring break wear, an under $15 segment and blowout sale section.Where Do Fashion Nova Get Their Clothes From?You probably think that fashion nova is getting their clothing from a supplier, vendor or wholesale warehouse in China and reselling it. But according to the company, they actually work locally with about 500 sewing factories across Los Angeles, California. At the time of this review they claim that 80% of the fashion nova products are made in LA.How Expensive is it?Galore - Galore is Fashion, Beauty, Pop and Politics for today's creative women. Join the Girl Cult. calls Fashion Nova as the ‘’most affordable celebrity-inspired fashion store on the Internet’’. Be that as it may, let’s break down their price range. Fashion Nova’s dresses, tops, jackets and sweaters price range is between $16 and $80. Pants, shorts, bodysuits and loungewear are priced from $18 to $98, while accessories are generally below $100. You can also accessories, pants, tops, leggings and bras, at the under $15 section. But you can find similar fashion nova clothing for even better prices on Amazon.They also sell products on wholesale; all you have to do is head over to the wholesale section through their website and fill out the form. Buying wholesale sets you back a minimum $1000, and they ship globally.What Is Fashion Nova's Refund Policy?Fashion Nova is a ‘’no refunds, maybe store credit’’ company. Once you place an order and you need to cancel, prepare to have moist eyes. They will only offer you store credit under certain conditions. If what they sent was not what you asked for, you will have to inform them within 24 hours after receiving, and shipped back to the address 28016 46th Street St. Vernon CA within 30 days after receiving the order. If you think that policy sucks you may want to check out similar brands with better policies on Amazon.What Do We Like?Coupons Galore!All you have to do is just try to leave the website and you'll get coupon offers that will save you money. Furthermore there are a lot of promo codes offered online via social media and social media stars.Curvy FriendlyIt’s usually very hard to find clothing designed for women with various body shapes, especially if you're curvy. Fashion Nova’s website is like a haven for women shoppers since it appeals to so many body types.Affordable For Any BudgetIn addition to providing clothing for all types of women, Fashion Nova makes them extremely affordable for any budget.Positive BBBAt the time of this review Fashion Nova has a Better Business Bureau rating of B which is pretty good for any store.Fashion Nova ComplaintsNo refundsOnce you place an order and change your mind after checking out, the closest you will come to a refund is store credit.Poor Customer ServiceA good number of customers have complained of horrible customer service, especially if you are not calling to compliment them for their awesome products. If you have an issue with your delivery, it will take some luck to get your issue handled. ‘’if you are not going to give me my money back, at least give me reason to believe I am not in the hands of scammers’’ a customer wrote.Fashion Nova Slow & Delayed DeliveryIf you are planning on ordering clothes for an upcoming event or vacation, don’t make a last minute purchase on Fashion Nova, chances are they will not arrive when you need them. Customers have also complained of incorrect deliveries, damaged products and lost goods. It can take weeks for Fashion Nova to deliver your clothing. They seem to have grown faster than they can manage.Hidden chargesA good number of customers have complained of charges they did not sign up for. Apart from the non-refundable shipping charges, there is a whole forest of fees you will find on your receipt that you had no idea would accrue.Do You Want This Or Any Product For FREE?Coupon, Discount and Promo codes are cool to save some money when you shop. But FREE is way better. Click here to learn how you can get this and all products for FREE online and offline. Why pay anything at all if you don't have to? Don't worry this doesn't involve doing anything shady. This shopping hack uses a company that is listed with the Better Business Bureau. So it's totally legit. Check it out here.Are there any other stores like Fashion Nova?If any of the complaints listed above make you uncomfortable, I totally understand. Fortunately you can find a lot of the same type of women's clothing for less at Amazon.So is Fashion Nova Scamming Customers?Based on what customers have to say about Fashion Nova, it is a one-stop shop for affordable and trendy clothes for any body size. You will stay up-to-date with the current fashion trends, at a budget. However, you need to be sure of what you are buying since it’s impossible to get your Benjamin back if you are dissatisfied. With a no-refund policy, you're pretty much stuck with store credit. And you better order weeks in advance since fashion nova seems to have very delayed shipping which is frustrating. That all said, it still seems to come highly recommended by women online and social media. But you'll need to take their opinion with a grain of salt since they're getting paid for promoting fashion nova. So that's our opinion about Fashion Nova.Content attribution: Fashion Nova Review: Is It Legit or A Fashion Scam? | More Real Reviews