[Congressional Record Volume 170, Number 49 (Wednesday, March 20, 2024)]
[House]
[Page H1296]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

           By Mr. SHERMAN:
       H.R. 7760.
       Congress has the power to enact this legislation pursuant 
     to the following:
       Article I, Section 8, clause 1 provides Congress with the 
     power to ``lay and collect Taxes, Duties, Imposts and 
     Excises.'' The Sixteenth Amendment provides Congress the 
     power to ``lay and collect taxes on incomes.'' Article I, 
     Section 8, clause 3 provides Congress with the power to 
     ``regulate commerce with foreign nations, and among the 
     several states, and with the Indian tribes.''
       The single subject of this legislation is:
       Taxation of foreign capital gains income