Final answer:
Congress has multiple powers according to Article I of the U.S. Constitution, including the ability to collect taxes, regulate trade, coin money, and declare war, which are essential for managing the nation's finances, economy, and defense.
Step-by-step explanation:
According to Article I of the U.S. Constitution, Congress has the power to collect taxes, regulate foreign and interstate trade, coin money, and declare war. These powers are among the enumerated powers listed in Article I, Section 8, which provide for the federal government's authority over national and foreign affairs. Additionally, Congress is given the authority to raise an army and navy, borrow money on the credit of the United States, establish federal courts and bankruptcy rules, regulate immigration and naturalization, and issue patents and copyrights, all contributing to the government's ability to control the money, known as "the power of the purse".
The power to lay and collect taxes is essential as it funds most other powers, whether enumerated, implied, or inherent. The power to regulate commerce enables Congress to oversee economic transactions within and between states and nations. Finally, the ability to declare war and raise military forces is vital for national defense and exemplifies Congress's role in shaping the nation's foreign policy.