Definition - What does Taxing Power mean?
Taxing power is the power that Congress was granted to levy taxes by Article 1, Section 8 of the U.S. Constitution. This power was granted to Congress so that it could provide for the defense of the nation as well as pay its debts and other expenses related to the common welfare.
Local and state governments also have taxing power.
Justipedia explains Taxing Power
There are many different types of taxes that the federal and local government apply to citizens and corporations in America. Some of these taxes include property taxes, excise taxes, income taxes, payroll taxes, capital gains taxes, etc. The government can even put taxes on items such as cigarettes.
The government derives most of its funding from taxation. The government also has the power to put tariffs or duties on imports and exports entering or leaving the country.