In this assignment, you will explore and identify the various taxes imposed in the United States at the Federal, state, and local levels. By gaining a comprehensive understanding of the tax landscape, you will develop insights into the diverse tax systems and their impact on individuals, businesses, and society as a whole. Instructions: Research Phase:a.Conduct thorough research to identify the different taxes imposed in the United States at the Federal, state, and local levels. b. Consider consulting reputable sources such as government websites, official tax publications, and academic resources to gather accurate and up-to-date information. c. Take note of the specific taxes imposed at each level and make a comprehensive list. Categorization and Description: a. Organize your findings into categories based on the level of government imposing the tax (Federal, state, or local). b. Provide a clear and concise description of each identified tax, outlining its purpose and the types of transactions or activities it applies to. c. Include relevant examples or scenarios to illustrate how each tax is applied and the potential impact on taxpayers. Comparative Analysis: a. Analyze the similarities and differences between taxes imposed at the Federal, state, and local levels. b. Consider factors such as tax rates, tax bases, exemptions, and deductions. c. Discuss any significant variations in tax structures and their implications for taxpayers and government revenue. Reflection and Implications: a. Reflect on the significance of understanding the different tax levels and their impact on individuals, businesses, and the overall economy. b. Discuss the potential benefits and challenges associated with a multi-level tax system. c. Consider the role of taxation in funding government programs, promoting economic growth, and addressing societal needs. Submission Guidelines: Prepare a comprehensive report summarizing your research, categorization, description, comparative analysis, and reflections. Use clear and concise language, ensuring your report is well-organized and structured. Provide proper citations for all sources used in APA or MLA format. Submit your completed report by the designated deadline