What power does Congress hold in relation to taxation?

Congress holds the power to tax, which is granted by the Constitution. Specifically, Article I, Section 8 empowers Congress to collect taxes, duties, imposts, and excises. This broad authority allows Congress to impose taxes necessary for the national budget, fund government operations, and fulfill its constitutional responsibilities, such as providing for the common defense and promoting the general welfare of the United States.

By having the power to tax, Congress can determine various forms of taxation, which include income taxes, excise taxes, and tariffs on imports. This power is a fundamental aspect of fiscal policy, enabling Congress to influence economic conditions through tax legislation. The authority to tax is not limited to just setting tax rates or only imposing tariffs; it encompasses a wider range of taxation responsibilities that are crucial to federal revenue generation.