A comprehensive study on Varlik Vergisi (the Capital Tax) which was implemented on the minorities of the Turkish Republic in 1942–43. Today, the Capital Tax is regarded as a tragedy which was reconcilable with the founding principles of the modern, secular republic and a violation of the country’s 1924 constitution. Consequently, it was the blatant discrimination of the law’s implementation that reinforced the opinion among many of the country’s minorities that they would never be treated as equal citizens in Turkey and acted as an impetus for the emigration of many people of the minorities, including roughly half of the Jews in Turkey. In spite of its big impact, the official documents and publications on the issue are extremely scarce. This study fills a gap in this issue comprising a comprehensive research using various evidences such as letters, caricatures and articles in addition to the official documents.