• With: Bernie Sanders

    This is a RUSH transcript from "The O'Reilly Factor," March 14, 2014. This copy may not be in its final form and may be updated.

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    O'REILLY: "Personal Story" segment tonight. Just about everybody believes Hillary Clinton will be the Democratic nominee for president in 2016.

    But there are some on her left that may give a challenge. One of those may be Senator Bernie Sanders from Vermont who joins us now from Washington.

    So, senator, I'm not going to debate you tonight. I mean, I just want to get your positions on the record. I might give you a little jazz but, primarily, I just want to know what you think.

    So, let's start with number one. You are a socialist. What does that mean.

    BERNIE SANDERS, SENATOR, VERMONT (I): What it means is that we have a lot to learn from Democratic socialist governments that have existed in countries like Denmark, Sweden, Finland, Norway, where all people have healthcare as a right, where higher education is free, where they have a strong childcare program, where they don't have the massive type of income and wealth inequality that we have in the United States of America.

    O'REILLY: All right, so cradle-to-grave entitlements then. In order to raise the money to do that in a nation of 320 million -- because Sweden has 9 million, all right -- you have to tax. So, me, I make a lot of money. Did you know that, senator.

    SANDERS: I kind of guessed that, Bill.

    O'REILLY: Yes, I make a lot. So, what is my income tax rate. Under your administration, what would it be.

    SANDERS: It will be more than it is right now.

    O'REILLY: No, give me a number. Give me a --

    SANDERS: You know, I'm not going to give you a number. It's something that we have to look at and study, Bill. I don't make --

    O'REILLY: Seventy, 80 percent?

    SANDERS: Well, we used to have, as you know, under Dwight D. Eisenhower, I think the nominal tax rates were over 90 percent.

    O'REILLY: Yes, but you know that was a ruse.

    SANDERS: The point is, look, Bill, you have massive income and wealth inequality. You know, one out of four corporations in this country paying nothing in taxes. G.E. has not paid federal income taxes --

    O'REILLY: But you've to give me, as a voter, an idea of what kind of pain you're going to inflict on me.

    SANDERS: Well, you're not going to get it right now. That's a policy question --

    O'REILLY: All right, all right. So, you're going to punt on that one.

    SANDERS: Not punting on it. You're going to pay more. How much more, I can't tell you.

    O'REILLY: But if you want to run for president, you have to tell me. OK, now, Putin --

    SANDERS: But I've got a little time on that.

    O'REILLY: -- Putin, OK. So, Putin is going to seize Crimea. What do you do to Putin.

    SANDERS: Well, I think, first of all, the lesson that we learned is that we don't repeat what happened in Iraq and Afghanistan where the United States virtually did it alone. We are a tight, global community.

    The entire world has got to stand up to Putin. We've got to deal with sanctions.

    (BEGIN VIDEO CLIP)

    And we have to deal with freezing assets. But the entire world has got to take action --

    O'REILLY: OK, so you're President Sanders and you bring in Merkel and you bring in -- everybody else to Europe and you go, "This is what I want to do to Putin." What do you want to do, senator. What do you want to do to him.

    (END VIDEO CLIP)

    SANDERS: Well, you totally isolate him politically. You totally isolate him economically. They have assets all over the --

    O'REILLY: Give me one example of an economic sanction you would like to see.

    SANDERS: Well, you freeze assets that the Russian government has all over the world.

    O'REILLY: You freeze them. You say, "Hey, any Russian money in U.S. banks, English banks you can't get it."

    SANDERS: You tell international --

    O'REILLY: That's pretty harsh. You know Putin is not going to sit for that. You know that.

    SANDERS: Well, international corporations have huge investments in Russia. You could threaten pulling them out.

    There are a number of things that you could do. But this is what you don't do.

    O'REILLY: All right.

    SANDERS: You don't go to war. You don't sacrifice lives of young people in this country as we did in Iraq and Afghanistan.