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The Difference Between Federal and State Taxes (Illinois
and Indiana) (2014-2024)
Identify Journal Articles:
1. Through a Dark Glass, Illinois’ Budget Picture is Dire and Distorted by R. Dye, David F.
Merriman, Nancy W. Hudspeth (2021) – This article provides an in-depth analysis of Illinois’ budget
and fiscal balance, focusing on the impact of increased income tax rates and spending cuts.
Dye, R., Merriman, D., & Hudspeth, N. (2021). Through a Dark Glass, Illinois’ Budget Picture is Dire
and Distorted. Comparative Political Economy: Fiscal Policy eJournal.
https://doi.org/10.2139/ssrn.3886028.
2. Revenue Implications of Alternative Personal Income Tax Structures in Illinois by Merriman, D.,
Kriz, K.A., Byrnes, P.E., & Cassidy, G. (2019) – This article offers a comparative analysis of Illinois’
personal income tax system and its implications for revenue collection and distribution among
different income categories.
Merriman, D., Kriz, K. A., Byrnes, P., & Cassidy, G. (2019). Revenue implications of alternative
personal income tax structures in Illinois. Social Science Research Network.
https://doi.org/10.2139/ssrn.3890991
3. IMPLICATIONS OF THE COVID-19 PANDEMIC FOR STATE GOVERNMENT TAX
REVENUES by Jeffrey Clemens and Stan Veuger (2020) – This article assesses the impact of the
COVID-19 pandemic on state government sales and income tax revenues, with specific implications
for Indiana’s financial situation.
Clemens, J., & Veuger, S. (2020). IMPLICATIONS OF THE COVID-19 PANDEMIC FOR STATE
GOVERNMENT TAX REVENUES. National Tax Journal, 73, 619 – 644.
https://doi.org/10.17310/ntj.2020.3.01.
4. Some Economic Effects of Tax Increment Financing in Indiana by Hicks, M.J. (2015) – This
article examines the economic effects of tax increment financing in Indiana, providing insights into
the state’s approach to taxation and its impact on economic activity.
Hicks, M. J., Faulk, D., & Quirin, P. (2015). Some economic effects of tax increment financing in
Indiana. Center for Business and Economic Research, Ball State University. Retrieved from
https://projects.cberdata.org/83/some-economic-effects-of-tax-increment-financing-in-indiana
5. THE EFFECT OF FLAT TAX RATES ON TAXABLE INCOME by T. Spreen (2018) – This
article evaluates taxpayer responses to changes in Illinois’ flat individual income tax rate, offering
insights that could be relevant for a comparative study with Indiana.
Spreen, T. (2018). THE EFFECT OF FLAT TAX RATES ON TAXABLE INCOME. National Tax
Journal, 71, 231 – 262. https://doi.org/10.17310/ntj.2018.2.02.
Gather Relevant Data:
➢
Federal income tax rates in 2023 ranged from 10% for incomes up to $10,275 to 37% for incomes
over $539,901, with a 5.4% adjustment for inflation in 2024 (IRS, 2023; CNBC, 2023).
➢
Illinois maintained a state income tax rate of 4.95% since 2017, while Indiana had a state income tax
rate of 3.15% in 2023, reducing to 3.05% in 2024 (Illinois Department of Revenue, 2023; Indiana
Department of Revenue, 2023; Baker Tilly, 2023).
➢
Sales tax rates as of 2024 were 6.25% in Illinois, with local variances up to 11%, and a flat 7% in
Indiana (Avalara, 2023; Sales Tax Handbook, 2023).
➢
Property tax rates in 2024 were approximately 2.31% in Illinois and 2.78% in Indiana (PayRent,
2023).
➢
Illinois’s Gross Domestic Product (GDP) was $1,025.67 billion in 2022, while Indiana’s GDP was
$352.96 billion (Federal Reserve Bank of St. Louis, 2022; Statista, 2022).
➢
Unemployment rates as of December 2023 were 4.2% in Illinois and 3.6% in Indiana (Federal
Reserve Bank of St. Louis, 2023).
➢
The poverty rate in Illinois was 11.9% in 2022, compared to an estimated 12.50% in Indiana in
January 2022 (Statista, 2022; Trading Economics, 2022).
➢
Illinois’s real GDP growth rate was 4.1% per annum in the 3rd quarter of 2023, while Indiana’s was
4.8% (USA Facts, 2023).
➢
Illinois’s population decreased to approximately 12.55 million in 2023, with a diverse demographic
composition (U.S. Census Bureau, 2022; World Population Review, 2022).
➢
Indiana’s population increased to approximately 6.86 million in 2023, with a majority White
demographic and growing diversity (U.S. Census Bureau, 2022; World Population Review, 2022).
➢
Illinois’s budget for fiscal year 2024 was $48.8 billion with a surplus of $357 million projected
(NASBO, 2023; Illinois Policy, 2023).
➢
Indiana’s budget for fiscal year 2024 was projected at $47.4 billion, with a starting surplus of $2.93
billion (NASBO, 2023; Fox59, 2023).
➢
Illinois’ credit rating was upgraded to ‘A-‘ in 2023, while Indiana maintained an AAA rating (Fitch
Ratings, 2023; S&P, 2023; Moody’s, 2023).
➢
Illinois faced growing pension liabilities, reaching near-record levels since 2009, while Indiana’s
unfunded pension liabilities totaled nearly $14.1 billion in 2019 (Illinois Policy, 2023; Ballotpedia,
2023).
References:
1. Avalara. (2023). Illinois Sales Tax Rate & Rates Calculator. Retrieved from
https://www.avalara.com/taxrates/en/state-rates/illinois.html
2. Baker Tilly. (2023). Indiana Department of Revenue announces 2024 county income tax rates.
Retrieved from https://www.bakertilly.com
3. Ballotpedia. (2023). Public pensions in Indiana. Retrieved from
https://ballotpedia.org/Public_pensions_in_Indiana
4. CNBC. (2023). IRS tax bracket changes could mean your paycheck is slightly bigger in 2024. Here’s
why. Retrieved from https://www.cnbc.com/2024/01/05/irs-2024-tax-bracket-changes-may-makeyour-paycheck-slightly-bigger.html
5. Federal Reserve Bank of St. Louis. (2022). Gross Domestic Product: All Industry Total in Illinois.
Retrieved from https://fred.stlouisfed.org/series/ILNGSP
6. Federal Reserve Bank of St. Louis. (2023). Unemployment Rate in Indiana. Retrieved from
https://fred.stlouisfed.org/series/INUR
7. Fox 59. (2023, July 13). Indiana State Comptroller reports $2.9 billion in surplus to close 2023 fiscal
year. Retrieved from https://fox59.com/indiana-news/indiana-state-comptroller-reports-2-9-billion-insurplus-to-close-2023-fiscal-year/
8. Illinois Department of Revenue. (2023). Income Tax Rates. Retrieved from
https://tax.illinois.gov/research/taxrates/income.html
9. Illinois Policy. (2023, December 8). Illinois pension debt grows $2.6 billion in 2023, mainly to cover
raises. Retrieved from https://www.illinoispolicy.org/illinois-pension-debt-grows-2-6-billion-in-2023mainly-to-cover-raises/
10. Indiana Department of Revenue. (2023). Tax Rates Fees & Penalties. Retrieved from
https://www.in.gov/dor/business-tax/tax-rates-fees-and-penalties/
11. Indiana Finance Authority. (2023). Credit Ratings. Retrieved from https://www.in.gov/ifa/creditratings/
12. IRS. (2023). Federal income tax rates and brackets. Retrieved from https://www.irs.gov/filing/federalincome-tax-rates-and-brackets
13. National Association of State Budget Officers. (2023). Indiana Budget. Retrieved from
https://www.nasbo.org/mainsite/resources/proposed-enacted-budgets/indiana-budget
14. PayRent. (2023). How to Calculate Indiana Property Tax 2024. Retrieved from
https://www.payrent.com/articles/how-to-calculate-indiana-property-tax-2024/
15. Sales Tax Handbook. (2023). Indiana: Sales Tax Handbook. Retrieved from
https://www.salestaxhandbook.com/indiana/rates
16. Statista. (2022). Poverty rate in Illinois in the United States from 2000 to 2022. Retrieved from
https://www.statista.com/statistics/205459/poverty-rate-in-illinois/
17. Statista. (2022). Real gross domestic product of Indiana in the United States from 2000 to 2022.
Retrieved from https://www.statista.com/statistics/187866/gdp-of-the-us-federal-state-of-indianasince-1997/
18. The Balance Money. (2023). U.S. Federal Tax Revenue by Source. Retrieved from
https://www.thebalancemoney.com/current-u-s-federal-government-tax-revenue-3305762
19. Trading Economics. (2022). Estimated Percent of People of All Ages in Poverty for Indiana.
Retrieved from https://tradingeconomics.com/united-states/estimated-percent-of-people-of-all-agesin-poverty-for-indiana-fed-data.html
20. U.S. Census Bureau. (2023). QuickFacts: Illinois. Retrieved from
https://www.census.gov/quickfacts/fact/table/IL/PST045222
21. USA Facts. (2023). Economy of Illinois. Retrieved from
https://usafacts.org/topics/economy/state/illinois/
22. World Population Review. (2023). Indiana Population 2022. Retrieved from
https://worldpopulationreview.com/states/indiana-population
Econ 2301: Principles of Microeconomics
Fall 2020
Guidelines and Format of the Topical Paper:
(How to write a Research Paper)
Format Outline of the research paper:
1.
Introduction Statement of Topic
Select a topic of your choice to develop a research paper. If you have difficulty in
developing, make an appointment with the instructor. Describe the topic in detail.
Explain why this topic is important. You should have a topic by the end of
Week 3.
2.
Literature Review
Find 5 journal articles that address the topic you wish to discuss and get
approval from Instructor. Place articles in APA Reference format and
include copies for the instructor to review. Discuss the purpose of each
article, the research question in each article, and the results of each article.
See Journals and Databases in the Library Tab on the GSU Website.
Excellent examples are EBSCO and JSTOR
EBSCO:
https://libguides.govst.edu/c.php?g=778845&p=5584614
JSTOR:
https://libguides.govst.edu/c.php?g=778845&p=5584563
Proquest:
https://gsuproxy.govst.edu:2074/advanced?accountid=27966
Provide a 2-paragraph summary of each article, followed by a comparative
summary of the 5 journal articles and show where your research question for your
topic paper fits into the summary. Include in each journal article:
1.
2.
3.
4.
5.
6.
7.
3.
The Introduction, which stats basic objectives of the study and explains why the topic is
important.
The Literature Review, which defines the purpose of the each article, the purpose of the
article, the research question, the model, and the results of each article, and a brief summary,
which contains articles related to your topic.
Statement of Problem: define your you research question by defining the topical point you
are interested in investigating. Example: Why are prices of petrol different in different
locations?
Data Collection: develop a data base relevant to your problem. The instructor will assist you
in finding data appropriate for your topic and help you to develop a database to analysis your
data.
Economic Analysis: this section will use any one or more methods of analysis:
5.1. Comparative analysis
5.2. Empirical analysis (uses data)
5.3. Combination of the two
Results: the results and conclusions of your analysis.
Conclusions: provides a short section of what you have learned,
Data Used in the Analysis
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Econ 2301: Principles of Microeconomics
Fall 2020
4.
If you are using data you want to speak to the Instructor, who will assist you in
developing your data for the Topical Paper
3.1
Discussion of Data
3.2
Sources of Data
3.3
Causal Links: Develop Scatter Diagrams
3.4
Discussion of Summary Statistics: develop means, median, mode, range,
and other summary statistics.
Model
4.1
4.2
4.3
Type of Model (Historical, Comparative, Statistical, etc.)
Type of Tests (Statistical, Evaluations, etc.)
Summarize Results.
5.
Summary
Summarize your paper and discuss future research possibilities (a minimum of
two pages and 40% of Topical Paper Grade)
6.
References (Provide an APA formatted reference for each citation citated in
your paper): References that do not contain an in-paper citation in the reference
section will results in 5-point deductions.
EXAMPLE APA FORMATED PAPER:
Diana Hacker APA formatted paper example:
https://depts.washington.edu/owrc/Handouts/HackerSample%20APA%20Formatted%20Paper.pdf
Possible Topics:
Below are predetermined topics from which to select for the Topical Paper; however, you
may select a topic of your personal interest. For example, you may want to examine an
issue in your current or future occupational field. Or, you may want to select a topic from
a current event of interest. The topics below provide guidance for topics you may choose:
1.
2.
3.
4.
5.
6.
7.
8.
How has the pandemic affect junior colleges/college/university enrollment levels?
What colleges and universities are major competitors of GSU?
An analysis of the firms in the University Park Industrial Park?
Is Microsoft losing its touch: An industry Analysis?
Are Charter Schools more efficient then Public Schools?
Is the housing market on the rebound in the Chicago Metropolitan Area?
Is the housing market on the rebound in the Chicago southern suburbs?
Tax Rates in Chicago Suburbia: A Comparative Analysis of 5 Major Towns and
Villages
9. What is the difference between Federal and State taxing rates (or formulas).
10. A comparison of unemployment 5 suburban Towns and Villages
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Econ 2301: Principles of Microeconomics
Fall 2020
11. Student Graduation Rates in two suburban schools: Crete-Monee versus HomewoodFlossmoor.
Note: The Blackboard System contains all papers written in the course so that using
a previously developed and/or submitted paper will identify any currently submitted
paper. If evidence is identified with respect to a previous paper, a grade of zero will
be given, resulting in a possible F for the course.
Topic Paper Steps
1. Select and email a topic and email to instructor for approval by the end of the 3rd week.
2. Make an appointment by email, zoom, or cell to discuss your topic and how to proceed.
3. Find 5 journal articles on the topic (see ProQuest and JSTOR online in GSU Library).
Have instructor review and approve your articles. Also, instructor will assist in helping
you find relevant articles. Also, ask for assistance from Michele Ngussan, the Business
School Library liaison.
4. Also, instructor will assist in help with data sources.
5. Develop a draft of Sections 1-3. Discuss research question you wish to address and
submit for review and comments.
6. By the 10th week you should have a draft of Sections 2-4.
An Example APA Paper can be found at:
https://depts.washington.edu/owrc/Handouts/HackerSample%20APA%20Formatted%20Paper.pdf
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