What are consumption taxes?

Week 3 Individual Assignment
[LO 1.1] What are consumption taxes?
[LO 1.4] Differentiate horizontal from vertical equity.
[LO 1.4] When was the constitutional amendment permitting an income tax ratified?
[LO 1.4] What is a sin tax?
[LO 1.5] What are three objectives of income taxation?
[LO 1.5] What are the three taxable persons that pay all of the income taxes?
[LO 1.5] What is the difference between gross revenue and gross income for a business?
[LO 1.5] What are at least three unique features of the individual tax model when compared to the corporate tax model? What are three similarities between these models?
[LO 1.5] What is the purpose of adjusted gross income for an individual?
[LO 1.5] What are the four filing statuses for which there are standard deductions?
[LO 1.5] Differentiate the personal exemption from the dependency exemption.
[LO 1.5] How is gain or loss on the disposition of business or investment property determined?
[LO 1.5] What is the difference between a deduction from income and a credit against a tax liability? Illustrate your answer.
[LO 1.6] What are three characteristics of a sole proprietorship? Are these characteristics the same as or different from those of a partnership? What are three characteristics of a limited liability company that differ from those of a partnership?
[LO 1.6] Compare a C corporation to an S corporation.
There is no designated word count for this assignment but answers will need to have enough detail explaining the answer.
Each response to the question should be written in own words but References must be easily accessed from the INTERNET, and provide a link to the website that is referenced. I’ve provided an example of how I want references used.
Examples of Citations:
Smith, J. (2014). Accounting principles 101. Retrieved from http://www.accountingprinciples101.com
In-text citations:
(Smith, 2014).

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