AL CAPONE:
PUBLIC ENEMY NUMBER ONE
AL CAPONE'S FINANCES
Al Capone was the ruler of the Chicago underworld at his peak. His wealth was enormous. These next few primary sources give some idea of just how rich Capone became off of his organized crime and bootlegging.
IRS SUMMARY REPORT EXCERPT
This is an excerpt from a summary report prepared by Special Agent Frank J. Wilson on Al Capone. It reads as follows:
“Counts nine to twelve, inclusive, cover the year 1927 and charge the defendant with the wilful attempt to evade and defeat an income tax (and the payment of the tax) in the sum of $45,557.76 imposed by the Revenue Act of 1926 on a net income of $218,056.04 earned by the defendant during the calendar year 1927.”
In the 1920s, the government was looking for a way to prosecute Capone, and they found it on the grounds of tax evasion. Capone’s wealth--which included diamond-studded belts and an armored car, all bought with cash--was illegally gotten, and he didn’t want to pay taxes on it. And this ultimately got him into trouble and led to his downfall from Chicago’s organized crime.
This kind of wealth was rarely seen in the New Era and so we can definitely say that it made the 1920s roaring.
IRS LETTER EXCERPT
This is an excerpt from a letter written by Special Agent Frank J. Wilson to the Chief of the Intelligence Unit at the Bureau of Internal Revenue. It reads:
“... he (Capone) was the owner of the gambling establishment of which we have the book records reflecting a net profit of $574,000, during a period of twenty-four months.”
This sort of wealth was very rare in the 1920s, seeing as more than half the population was living at or near an impoverished standard.
A show of this wealth would make the 1920s roaring.