What are the 4 money powers?

4 Explicit Limits of the Power to Tax: Congress may tax only for public purposes, not for private benefits. Congress may not tax exports. Direct Taxes must be divided among the States according to their populations. All indirect taxes must be levied at the same rate in all parts of the country.

teachers.henrico.k12.va.us - Money Powers of Congress

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The Power to Tax: This was one of the weaknesses under the Articles of Confederation - The power to tax is an expressed power; specifically given in the Constitution. The Purpose of Taxes Congress has the power to tax in order to meet public needs, protect domestic industry, or protect public health and safety. You can see on the chart at the bottom of this page how Congress spends our taxes on our public needs. 4 Explicit Limits of the Power to Tax: Congress may tax only for public purposes, not for private benefits.

Congress may not tax exports.

Direct Taxes must be divided among the States according to their populations.

All indirect taxes must be levied at the same rate in all parts of the country. Comparing Taxes:

Click on the picture for a larger image.

Direct and Indirect Taxes: Direct taxes must be paid by the person on whom it is imposed (i.e. property or income). Indirect taxes are first paid by one person, then passed on to another (i.e. tobacco and alcohol). The Power to Borrow: Congress may borrow to finance its business - to meet crisis needs or to fund programs. When the Federal Government spends more than it collects, it is called deficit spending. Congress has worked to reduce deficit spending over the years. However, a balanced budget does NOT mean that there is no public debt. Today our debt is measured in the trillions of dollars! Bankruptcy Powers: Congress has the power to establish uniform bankruptcy laws. Bankruptcy is the legal proceeding that a person's debt is erased as his assets are distributed to those to whom he owes. The power to regulate bankruptcy is concurrent - that is carried out at the state level as well. The Commerce Power: Another weakness under the Articles of Confederation, was that Congress did not have the power to regulate interstate or foreign commerce.

As expressed in Article 1, Section 8, congress may regulate foreign trade.

In the Supreme Court Case, Gibbons v. Ogden (1824) the court ruled that the power included all commercial traffic between States and Nations. The Commerce power implies many other powers -and has been used by Congress to increase its implied powers.

Limits on the Commerce Power: Congress may not tax exports.

Congress may not interfere with shipping between ports of the states.

Congress was forbidden to interfere with the slave trade until 1808. The Currency Power: Congress has the power to issue money and to regulate its value.

In 1871, the Supreme Court ruled that paper money was legal tender.

There were great historical debates over the use of the gold standard or a bi-metal standard - today we are no longer on the gold standard. The Development of Currency: Click on the picture for the larger image. Click on the picture for the larger image.

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