Using information from this chapter as well as information from the tax agency in your state (likely called the Department of Revenue) and your local government, find all of the taxes to which a sole proprietor is subject. Create a table that lists all of these taxes, the rate(s), and the level(s) of government that imposes each tax.

Critical Thinking

Research Problem 2. Use congress.gov or another reliable website to find a proposal for a carbon tax or a financial transactions tax. Draft a summary of the tax, and analyze it against five of the AICPA’s principles of good tax policy.

Critical Thinking