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Hello!I can answer that for you.Believe it or not, but Donald Trump has a lot to hide. Especially since in July, the state of New York passed the New York TRUST Act, allowing the release of state tax returns from any elected official, including Donald Trump, he’s getting jumpy. On Monday, the office of Manhattan District Attorney Cyrus Vance Jr. subpoenaed eight years’ worth of Trump’s returns. Then, on Thursday, Trump did what he always does in response to such requests: He filed suit against the DA.As The New York Times reports, Vance sought the returns as part of an investigation into Trump’s payment of hush money to Stormy Daniels in advance of the 2016 election. How Trump reported those payments on his taxes may show that he violated both state and federal tax regulations, as well as campaign finance law.Trump’s suit in response doesn’t deal with the tax issue directly. Instead, it makes an astoundingly broad claim. Taking a position that the Times kindly refers to as “untested,” Trump’s legal team is arguing that the Constitution makes a sitting executive immune to all criminal inquiries. In other words, Trump is arguing that any crimes he committed, whether they happened before or after his election, are put on hold until after he leaves office. He is not “subject to criminal process, for conduct of any kind, while he is serving,” in the words of his attorneys.This extreme view of executive immunity not only stands in stark contrast with past practice, but it’s also completely counter to the Department of Justice rules that Trump counted on to prevent his indictment. Those rules explicitly permit the investigation of criminal activities, as Robert Mueller pointed out in his testimony before Congress.Trump’s actions in New York expand the scope of the case to the point where it is all but certain to get an express trip to the Supreme Court. Which will, hopefully, provide at least a little much-needed clarity about issues that have remained fuzzy to this point.And whatever crime Trump is hiding in his taxes … it must be a whopper.This answer is attributed to: Breaking News, World News & Multimedia Donald Trump's attorneys file suit against New York, claiming he's immune to criminal investigation and Mark Sumner (@Devilstower) | Twitter

For the 99% of Square micro-merchants Yes. Square payment card processing is literally their paycheck and this is an advance loan on that “paycheck”. Just about every mayor in 2008 voted to outlaw merchant cash advances and equated it to Payday loans.I recently posted this insight:“BE IT FURTHER RESOLVED, that to protect the general health and viability of their small business communities, cities should investigate whether they can effectively regulate or ban merchant cash advances."It was a very hot and humid day on June 23rd, 2008 in Miami, Florida. The convention hall was packed at the 76th annual U.S. Conference of Mayors. This organization meets to develop ways and means to address challenges mayors face across the US. Frequently they address issues they see as very important with proclamations and resolutions. On this morning session a majority of the thousands of mayors attending voted to approve a public resolution and an education plan on a system of finance called the Merchant Cash Advance [1]. A form of finance they equate to Payday loans (this is their direct quote).To be very clear, these mayors want to see commerce in their cites and want to see healthy businesses and healthy finance. They clearly saw that the lending to small and medium sized businesses is broken in materially important ways and put the blame on the local banks in their communities. These mayors want to see innovation in finance however they do not want to see the vacuum created by a lack of finance capital to be filled by a usury Payday Loan type of product. Thus they took a brave and important step to put these practices in the public arena. The resolution is quite clear [1]:The U.S. Conference of Mayors76th Annual MeetingJune 20-24, 2008Miami2008 ADOPTED RESOLUTIONSPROTECTING MAIN STREET SMALL BUSINESS OWNERS FROM PREDATORY LENDERSWHEREAS, America’s 26.8 million small businesses are the engine of the U.S. economy, employing half of all private-sector employees, representing 99.7% of all employers, and responsible for 45% of net new jobs generated annually in the last decade;andWHEREAS, eight million of these small businesses pursue financing each year throughout the United States; andWHEREAS, 65% of these eight million (5.2 million) are unable to secure traditional bank loans or lines of credit; andWHEREAS, as a result, many small businesses use family money, personal credit cards or personal loans and approximately 35%have relied on home-equity loans to finance their businesses;andWHEREAS, the recent turmoil in both the housing and credit markets has caused banks to tighten their lending criteria and consequently, credit opportunities to small business owners have been significantly reduced; andWHEREAS, a perfect storm has emerged across the United States, leaving many small businesses, including millions throughout the main streets of our cities and towns, struggling to access the capital they need to sustain and grow their businesses; andWHEREAS, predatory lenders have emerged to exploit the current credit environment and increasing cash flow needs of small businesses and are selling usurious products known as merchant cash advances (MCA), which are advances on a business’s future credit card receivables (aka “factoring of future credit card sales”); andWHEREAS, merchant cash advances are not loans and do not have to follow state or federal lending regulations, and feature over 85% approval rates and imputed annual percentage rates as high as 200%, and in addition to these egregious rates, require daily deductions of 18-25% of the small business’s credit card sales -significantly more than a business can afford; andWHEREAS, merchant cash advance companies have already lent approximately $2 billion at egregious rates and have been quoted in leading main stream media publications such as Forbes, Business Week, Dallas Morning News, and American Banker claiming that their new originations have increased 75% in the first half of 2008; andWHEREAS, America’s cities need strong Main Street businesses to continue to have a stable tax base, safe streets and a vibrant commercial center, andWHEREAS, as with payday lenders and predatory lenders in the home mortgage community, Mayors need to take a leadership role to scrutinize predatory merchant cash advance companies, educate small business owners of the dangers posed by these firms, and increase awareness and promotion of alternative, more affordable funding sources to support this vital segment of our economy;andWHEREAS, the mayor in each of our cities can protect our small businesses by promoting and advising small business owners to ask and have answered five simple questions before agreeing to accept any type of financing from a non-traditional provider:a.Is the financing product a regulated loan?b.What is the total interest paid and how does that cost translate into an Annual Percentage Rate (APR)?c.What is the payment amount?d.What is the payment frequency?e.Exactly how long will it take to repay the loan?NOW THEREFORE, BE IT RESOLVED, that The U.S. Conference of Mayors strongly supports small businesses and the independent business owners located in our cities and will protect them from predatory lenders offering exploitive merchant cash advances;andBE IT FURTHER RESOLVED, that the mayor in each of our cities shall educate Main Street business owners and the small business community of the dangers of merchant cash advances and promote to them alternative lending sources that are more affordable;andBE IT FURTHER RESOLVED, that to protect the general health and viability of their small business communities, cities should investigate whether they can effectively regulate or ban merchant cash advances.Easy Money With “Big Data”?This resolution is a laundry list of problems that Merchant Cash Advance creates for most businesses. These problems are not fixed with better “Big Data” insights because a startup may know more about a merchant and their sales. Actually the “Big Data” insights may go about creating a path to be even more abusive but far less obvious. The “Big Data” allows companies to cherry pick targets for these financial products, not because they may really need these products, but because they algorithms suggest that the target micro-merchant will yield the greatest revenue.All is fair in business perhaps, but one may argue that a micro-merchant is really not too far from being just a person and we all have a distaste for the practices of Payday loans. To constrain the cash flow of a business, that is willing to pay from 10% APR to over 80% APR to fund their very small businesses should hit the same note with all of us as being just as distasteful. The mayors at the conference knew, empirically that the small businesses they represent have been bamboozled into these Payday loans and these business have suffered, the community has suffered and in many examples forced businesses into bankruptcy.Just About Every Mayor Knew Many Merchant Cash Advances Were A Bad Idea In 2008. Square Should Know Better In 2014.I continue to be a champion of Square and the very talented people that work at the company, many are good friends. There is no doubt that Square is facing huge challenges in 2014 it is no longer a secret that the company had made huge strategic missteps with the $275 fixed monthly fee program, the Square Gift Card Program, the Square Stand pricing, the Starbucks relationship, not hiring “a single salesperson” and the Square Wallet. Many startups only get to have one or two huge strategic missteps, Square has had a history making tolerance from board members and investors to allow these now obvious errors. Square Capital in the current form is a huge misstep and they only needed to go to a mayor’s office to find out.It is also no longer a secret that Square needs to find revenue sources, and fast. It has been widely reported that the company is running out of investor capital, but could be profitable today if they stopped advertising and funding future growth.Today May 28th, 2014 Square has publicly acknowledged that they have been cherry picking micro-merchants since the early part of the year to participate in Square Capital [2]. I presented a posting about dozens of merchants contacting me about letters they received from Square earlier this year [3]. In this posting I stated this:To be sure there are situations where a merchant cash advance is a good idea for some businesses. Because this class of product doesn't declare an APR it is very easy for many merchants to underestimate the the true effective percentage they will pay. Quite often when the math is done, it is far more costly then expected. I speak to this from 30 years of dealing with merchants and the last 10 years seeing the true impact merchant cash advance has on many small businesses. Square could do better then this on many levels. One idea would be to invent a new class of loan products. The time is perfect for this.Specimen of an unsolicited message for the Square loan producet called Square Capital.It Seems So SimpleSquare Capital seems like a great idea if you have never worked with small and medium sized businesses or have not operated a small or medium sized businesses or micro-merchants. To a technologist that is tasked to be “disruptive” it is like a dream come true.Like any casino the “house" has the advantage with data. Square is the “house” and to a technologist just connect the dots about past sales and throw in some variables along with cost of funds and from a technology perspective you are “winning”. Then there is the very human aspect to all of this “winning”. Mostly related to the lack of true understanding of the real cost of funds these small businesses are facing. It gets even more complex ironically when Square “simplifies” these costs to the point that may convince many merchants that they can afford to give up 10% of cash flow perhaps in a difficult time, that necessitated the need for Square Capital.It all seems so simple: Square takes 10% of your $10,000 advance (don’t call this a loan) and you pay back $11,000 from 10% daily deductions until you pay it off. Can’t be more clear, right? Who needs an APR, no one knows what that means anyway.Specimen from the FAQ at Square for Square Capital.My good friend Jason Del Rey a journalist at Re/Code saw the problem with Square Capital earlier this year also and really focuses on one of the large issues[4]:But this is one way cash advances differ from loans — the business owner doesn’t decide when to repay Square. Instead, Square takes the payment in the form of a 10 percent cut of the business owner’s credit- and debit-card sales every day until the debt is paid. So the business will be done repaying Square the total of $8,322 once it has reached $83,220 in sales made with credit or debit cards.If the business has moderate sales and takes a year to reach the $83,220 required to fully pay off the cash advance, the APR on the above example remains at 14 percent. If it only takes six months, however, the APR rises to 28 percent. And if the business has a fabulous first month after the advance in which it pays Square back completely, the APR jumps up to at least 165 percent.See the problem? All of the slick marketing in the world, all of the simplifying in the world will not fix this issue. Sure, the merchant could take far longer to pay back the merchant cash advance and perhaps even close the business. But I am rather certain Square’s great engineers have found the sweet spot where a merchant may need financing bad enough but not so bad that the business will shut down very soon.The better a Square Capital merchant performs from the infusion of the cash Square is offering, the higher the rate they pay, it can go over 200% APR.Specimen of the merchant dashboard for Square Capital showing the 10% deductions taken out of a small merchant’s payment card processing account.In the case presented originally at Square’s website captured in the image above, Kaitlyn Spindel has a pay back of $11,400 (however the numbers Square supplies add up to $11,500) for an example Square Capital merchant cash advance. We can predict an average payback time of about 225 days with Square removing an average $51.06 per day. A loan or advance of $11,400 with the sales volume of this sample merchant would qualify as a high micro-merchant. Square is clearly demonstrating that the amounts a merchant may pay and therefore the effective APR can fluctuate from a low of $36 to a high of $95. If Kaitlyn Spindel continues to increase the daily sales amount, she will shorten the length of the advance and simultaneously increase the effective APR. In Square’s own example they present just how difficult this can be to a merchant’s bottom line. There is a huge chasm between paying $36 to $95 per day for a micro-merchant and being penalized for a faster pay back is a hallmark for the deficits of the classic Merchant Cash Advance.Specimen for Square Capital advance payment schedule showing approximate days to pay back.Specimen for Square Capital advance payment schedule showing a jump in daily payouts to Square.For A Micro-Merchant, Square Capital 10% Fees Are Being Removed From Their PaycheckI do not speak of this from an ivory tower academic level, for over 30 years I have witnessed first hand what Payday loans, Factoring Loans and more recently Merchant Cash Advances have done to micro-merchants and small merchants. I have been witness to the many downsides this creates and the horror of watching small businesses become addicted to these forms of finance that leads to a predictable downward spiral.The problems manifest because in the real world of micro-merchants “Cash flow problems” are almost life and death events. Micro-merchants are by definition basically self employed and the Merchant Cash Advance is their paycheck. Thus it can be clear how usury and perhaps predatory these financial products can become. Very few of these merchants can really afford a 10% paycheck reduction and they run the risk of becoming lost in either re-ups on Square Capital or other payday loan-like products. Adding to the insult is Square does not appear to be reporting the repayments to the consumer’s credit report, thereby increasing the credit rating of the merchant and allowing them greater access to less costly financial products. All of this creates the classic payday loan downward spiral. This movie will show just how bad it gets for consumers [5]:All Businesses Need Access To CapitalThere are very legitimate uses for Merchant Cash Advances. But it is vitally important that we do not let technology run away with the true human impact these financial products can have. In particular I think the active cherry picking of merchants will prove to be he double edge sword hurting Square Capital. Of course it surfaces the opportunity for Square, however they are putting the notion of these products in the mind of the micro-merchant. These are not merchants that are actively looking for this service. The distinction may seem not to matter, however history will show this distinction of active solicitation will prove to be unwise on many levels.I have found that Merchant Cash Advances make great sense in some very constrained and clear situations. General cash flow is really not one of them. These financial products make great sense for larger merchants but then there is the rub, these larger merchants also have access to other, less costly financial products. A fair and honest Merchant Cash Advance product thus only has a very limited market before it can become predatory and destructive to micro merchants.Square Can Reinvent Finance And Create A True RevolutionSquare has the chance to invent new financial products, revolutionary financial products. They have a tremendous amount of talent and obviously a Board Of Directors that are willing to take huge risks. Square can do much better then a “Me-too” product like Merchant Cash Advance. The datasets that Square has access to can open up a new epoch of finance where there is a true win-win for both Square and the micro-merchant all the way up to very large merchants.I want to see Square succeed and I absolutely know Square can do far better then Square Capital. We are at the moment in history where the availability of capital and the availability of data can radically change every aspect of finance. With this power they can change the fate of countless merchants and along the way change the world.Aude aliquid dignum._____[1] 76th Annual Meeting Adopted Resolutions and The 76th Annual Meeting of the United States Conference of Mayors[2] Square Capital[3] Square Capital: Square To Grant A “Pay Day Loan” To Its Merchants by Brian Roemmele on Accepting Payments[4] Bad Press: Square Capital Has Not Yet Been Released And Journalists Already See The 165% Interest Rate Problem.[5] This Will Break Your Heart And Forever Change Your View.

Demonetisation was like a plea deal. RBI had told people that all unaccounted cash can be returned within a specified time frame. Doing so will result in higher tax collection, grant immunity against legal action for the subject, and help build up a database of people with such illicit past records.Under the scheme announced a few weeks into the demonetisation, anyone holding unaccounted cash or deposit can come clean after paying a total 50% tax and depositing 25% of the amount declared in a non-interest yielding the Pradhan Mantri Garib Kalyan Deposit Scheme for four years.(Via : Times of India)As part of the exercise, a lot of such information was gleaned. ~21,000 people had disclosed unaccounted income of about 4,900 crores under the amnesty scheme, of which 2,450 was charged as a one time tax/penalty. PIB (Press Information Bureau) released a factsheet regarding the impact of the move.WHEN cash is deposited in the Banks, the anonymity about the owner of the cash disappears. The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor’s income. Accordingly, post demonetisation about 1.8 million depositors have been identified for this enquiry. Many of them are being fastened with Tax and Penalties. Mere deposit of cash in a bank does not lead to a presumption that it is Tax paid Money.In March 2014, the number of Income Tax returns filed was 3.8 crores. In 2017-18, this figure has grown to 6.86 crores. In the last two years, when the impact of demonetisation and other steps is analysed, the Income Tax returns have increased by 19% and 25%. This is a phenomenal increase.For 2018-19, advance Tax in the first quarter has increased for personal Income Tax Assesses by 44.1% and in the Corporate Tax category by 17.4%.The Income Tax collections have increased from the 2013-14 figure of `6.38 Lakh crores to the 2017-18 figure of `10.02 Lakh crores.Let’s compare the latest data reports from RBI (Jun 2018) with the report from just before demonetisation (Sep 2016).Credit# of cards: 3.9 crore vs 2.7 crore (up 47%)No. of PoS transactions: 13.6 crore vs 7.8 crore (up 74%)Value: 46,273 crore vs 24,198 crore (up 91%)Debit# of cards: 94.4 crore vs 72.8 crore (up 30%)No. of PoS transactions: 28.3 crore vs 12.5 crore (up 126%)Value: 47,923 crore vs 15,932 crore (up 201%)No. of ATM transactions: 75.2 crore vs 74.2 crore (up 1%)Value: 2.67 lakh crore vs 2.22 lakh crore (up 21%)But how did the Indian media cover it?In India, cash is still king! ATM withdrawals up 22%, higher than pre-demonetisation eraA Year After Demonetisation, Cash Still Rules Everything Around Us. RBI Figures Say SoAfter demonetization, people have been withdrawing larger amounts from ATMsYup. They only focused on the ATM cash withdrawal part and presented data in comparison to last year claiming that there was no effect of demonetization as people are still heavily reliant on cash.There was no mention of how direct PoS debit transactions have increased threefold (from 6.7% of total debit card use to 15.2%). Or how usage of credit cards has increased dramatically.This is because of assimilation of a far greater proportion of people into the formal economy. (Number of adult Indians with bank accounts rises to 80%). From 53% of people in 2014 to over 80%. A large number of people now have access to the formal banking sector.That means they no longer have to be paid their wages and benefits in cash, store it as such at home, and spend it in physical form too. The success of PMJDY was been validated through independent studies, one of the first ones can be found here.We report three main findings. First, we find that while about 30% of PMJDY accounts remain unused, 70% of the accounts migrate out of dormancy into active use. Second, activity levels in PMJDY accounts increase over time, a pattern not necessarily seen in non-PMJDY accounts. In many specifications, activity increases in PMJDY accounts relative to non-PMJDY accounts. These findings are especially stark given that non-PMJDY account holders in our sample appear to be much poorer and have transaction sizes that are one order of magnitude smaller. Finally, we find that the active accounts experience significant increases in cash balances. Government direct benefits transfer aids but does not fully explain usage. Overall, the data indicate that the unbanked learn by doing, and increase usage of accounts for transactions, liquidity management, and increasingly, balance accumulation.Demonetisation has nudged India towards a more formal, tax compliant, and cashless economy.I would leave you with this report from Deloitte. Digital payments in India are on the rise. Mobile wallet usage tripled in just one year in 2017. Overall hard cash exchange has gone down at the cost of direct use of debit and credit cards at PoS, usage of mobile wallets, etc.Between November 2016 and March 2017, the share of PPIs in all digital payments has more than doubled to reach 22%.EDIT: As mentioned by Shubham, the exercise also helped unearth 224,000 'shell' companies, which are the most common money laundering vehicles. It also resulted in cracking down on Hawala transactions.The government has received bank details of 60,000 out of 2.24 lakh companies which were deregistered recently due to non-compliance and non-filing of returns, said a ministry of corporate affairs official.According to the corporate affairs ministry, the Serious Fraud Investigation Office (SFIO) is investigating 18 companies found to have deposited above Rs 100 crore and 39 companies found have deposited more than Rs 25 crore (but not more than Rs 100 crore). One of these companies deposited Rs 3,700 crore and another deposited Rs 2,300 crore.The government has cancelled registration of 2.24 lakh non-compliant companies and disqualified over 3 lakh directors under different provisions of the Companies Act, 2013.The latest word is that most of them would be removed from the national registry, rendering them illegal.But no, “all the money is back. Everything failed. Booooo!”