In the episode of ITR Live, we provide a wide-ranging update on what’s happening in in the Capitol. More specifically we dive into the complex yet vital world of state regulation and the legislature's role in its making, monitoring, and implementation in Iowa.

The function of legislative oversight is a cornerstone of democratic governance. It ensures that rules and regulations, which have a substantial impact on the lives of Iowans, are thoroughly scrutinized and re-evaluated when necessary. The recent action taken on a sports gaming rule is a reminder of the legislature's important role in maintaining a balance between administrative authority and democratic accountability.

The principle of legislative oversight serves as an important mechanism to prevent the unilateral imposition of rules without sufficient representative consideration. It also empowers elected officials to represent the interests of their constituents appropriately. The fact that such occurrences are rare signifies the gravity of the decision and the weight it carries in the legislative process.

The Biden Administration's "Reign of Terror" on the Economy

The economic strategies proposed by President Joe Biden have met with strong opposition from detractors who argue against the long-term viability of hefty tax hikes and significant government spending. Critics point to the potential economic consequences of a shift from the corporate tax rate of 21% to 28%, sounding the alarm that it could result in a corporate tax higher than in China, traditionally viewed as less market-friendly.

The outcry extends beyond corporate taxes. Proposed changes in capital gains and dividends taxation could similarly position the United States unfavorably when compared to global competitors. There's also concern regarding Biden's plan for a second death tax, which could especially harm small businesses and farmers, segments often considered to be the backbone of the American economy.

The critique doesn't stop with taxation. Detractors cite the absence of a clear plan to address both federal debt and the potential sunset of certain provisions of the Tax Cuts and Jobs Act. Without permanent renewal, taxpayers across income brackets could face marked increases, adding to an already tense fiscal climate.