Every April, Americans spend more than 7 billion hours filing taxes and roughly the same amount of time arguing over them, almost entirely on the basis of several common myths. Here are the five most consequential.

Myth No. 1: The Rich Don't Pay Their Fair Share

This is the most repeated claim in American tax politics and one of the least supported by actual data. The top one perfect of earners take in 22 percent of total income and pay 40 percent of all federal income taxes. The top 10 percent earn about half the nation's income and pay 72 percent of its taxes. The bottom half of earners, collectively, pay roughly three percent of the tax revenue. The United States, in fact, has the most progressive income-tax system in the developed world.

Myth No. 2: We'll Fix the Budget Deficit by Taxing the Rich

We simply cannot. The collective net worth of every American billionaire is estimated at somewhere around $8 trillion. The projected federal deficit over the next decade alone approaches $25 trillion. Even a one-time total confiscation of every billionaire's wealth wouldn't come close, and you only get to do it once.

The real driver of America's fiscal crisis isn't a shortage of tax revenue from the wealthy. It's the structural growth of Social Security and Medicare. The........

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