How to get rich in Chicago
In a year that saw the largest share price drop in history, Chicago got richer with a record $4.3 billion in income taxes for the year, a record increase of $1.5 billion from the previous year.
Chicago earned a record-high $7.5 million in federal revenue from income taxes.
The city’s new revenue comes in addition to $2.4 billion in state and local sales taxes collected in 2016, the most in decades, according to a release from the Chicago Department of Finance.
The tax revenue is expected to boost the city’s $3.3 trillion budget, and help Chicago close a $3 billion deficit by the end of this fiscal year.
The $1 billion in tax revenue will go to the city to pay down debt.