In this episode of ITR Live, Chris Hagenow and John Hendrickson deliver a packed discussion on Iowa’s legislative session, focusing on budget targets, property tax reform, and a comprehensive historical take on tariffs and trade policy.

Chris begins by praising Iowa’s legislature for its self-imposed spending limits, which have kept spending well below legal thresholds and positioned the state for bold income tax cuts, including the move to a 3.8% flat tax. The hosts contrast this fiscal discipline with local governments, many of which continue to push for higher spending and call for new revenue streams—often without serious efforts to reduce costs.

They also provide updates on the property tax reform bill still under discussion at the Capitol. The conversation urges local governments to follow the state’s example by enacting self-imposed spending restraints, especially as constituents continue to push for relief amid high property tax burdens.

In the second half, John offers an extensive and engaging history lesson on tariffs in American politics, from Alexander Hamilton and Abraham Lincoln to Warren Harding, Coolidge, and now Donald Trump. With the Trump administration’s recent announcement of new tariffs—with a temporary pause on some—the hosts explore the economic and strategic rationale for tariffs, why free trade isn’t always fair, and how manufacturing job losses and trade deficits have reshaped conservative thinking.

Wrapping up, they reflect on Smoot-Hawley’s misunderstood legacy, the global trade imbalance, and a growing bipartisan interest in rethinking how America approaches international trade. Plus, there’s a trivia challenge: Can you guess who said, “The taxpayers literally groan under layer upon layer of tax units”?