If you’ve been paying any attention to the U.S. presidential race recently, it would be nearly impossible to miss the debate over taxation and tax reform. Mitt Romney and Paul Ryan have decided to make the economy the main focus of their campaign, and fiscal policy lies at the heart.

It is generally agreed upon that the American economy is not in good shape. Unemployment is high, budget deficits are the norm and income inequality is rising. This election the Republicans have chosen to focus on the economy, as traditionally it’s the incumbent who takes the blame for the country’s woes. They feel their experience in that field puts them at an advantage, but a closer look at this common narrative show it to be plainly false.

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