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Forget Warren Buffett Or Economists! Bill O’Reilly Knows Better That Tax Increases For The Wealthy Are Not A Good Idea!

Reported by Ellen - August 23, 2011 -

Bill O’Reilly is back from vacation and ready to get down to looking out for you again. It’s just a happy coincidence that looking out for you looks a lot like looking out for himself.

O’Reilly put off talking about Libya on The Factor last night (8/22/11) in order to discuss that all-important subject on Fox – President Obama’s vacation. O’Reilly didn’t criticize Obama for going away. No, “fair-minded Americans understand that presidents deserve downtime with their families, and these guys do work on vacation,” O’Reilly said.

But don’t think he didn’t use the subject to attack Obama anyway. “…And here’s the no-spin upside. It’s absolutely better for all of us - for all of us - if President Obama stays out of economic matters for a while because at this point, he’s not helping.” O’Reilly cited ObamaCare (“job killer no question”), increased regulations and tax hikes which, O’Reilly claimed, were “poison to business, which is now scared to expand.”

O’Reilly played a clip of Obama saying he should be judged in 2012 if things don’t “continue to get better.” O’Reilly asked incredulously “Continue to get better? Good grief! What exactly is getting better, Mr. President? I mean, come on!” Apparently, O’Reilly knows better than FactCheck.org - which said the stimulus created jobs and helped the economy - too.

O’Reilly went on to address Warren Buffett’s recent New York Times editorial in which he called for raising the taxes on the wealthy. “Increasing the cap(ital) gains tax would inhibit investment and further damage the American people,” O’Reilly insisted. “Buffett has to know that but still clings to the erroneous belief that further taxing the rich is an economic solution.” O’Reilly concluded by sneering, “Perhaps like his namesake, Jimmy, Warren is spending some time in Margaritaville.”

Now, O’Reilly is a very smart guy, and an educated one. But his degrees are in history, broadcast journalism and public administration – not business and not economics. Buffett, on the other hand, is known as one of the world’s most successful investors. Buffett wrote in the Times:

I have worked with investors for 60 years and I have yet to see anyone — not even when capital gains rates were 39.9 percent in 1976-77 — shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what’s happened since then: lower tax rates and far lower job creation.

In the Top Story, immediately following the Talking Points vacation segment which opened the show, O’Reilly brought on economist (and actor) Ben Stein. Stein vociferously disagreed with O’Reilly. “Almost every part (of the Talking Points) is wrong,” Stein said. He even defended Obama.

Stein and his fellow guest, actor-turned-businessman and investor, Wayne Rogers, each told O’Reilly that President Obama speaking on television or playing golf had nothing to do with the stock market drops of recent weeks.

But O’Reilly knew better. “But there is a psychological… there’s a psychology to this and you both know that!”

Stein and Rogers continued to destroy just about every argument O’Reilly put forth.

Stein said, “There’s no correlation, Mr. O’Reilly, between tax rates on millionaires and people above that level, billionaires, and the growth of the economy.” He noted that we had much higher growth in the 40’s, 50’s and 60’s when there were “much higher” tax rates.

O’Reilly’s response? “Yeah, but there were tax dodgers and you know that.”

Later, Stein said, in response to O’Reilly’s assertion to the contrary, “There is no correlation between raising taxes and unemployment. There is none.”

“Don’t believe it for a second,” O’Reilly said.

Stein said, “If you can show it to me, I’ll eat your shoes.”

Don't hold your breath waiting for Stein to eat any shoes.

O'Reilly closed the segment by saying, “Very lively discussion but I continue to believe that the federal government derives more revenue from the wealthy when the economy soars and the private marketplace needs incentives and raising taxes is not an incentive in the private marketplace.”

Who needs proof when O’Reilly who just “knows?”

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