Hypocrisy when it comes to taxes?

This is a rush transcript from "Hannity," April 13, 2012. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST OF "HANNITY": Now, earlier today, the White House released President Obama's tax returns. And the numbers are already causing a problem for his reelection team. Now, in 2011, the Obama's reported income was about $790,000. And they paid roughly $162,000 in taxes. Now, here's the thing. The President has criss-crossed the country trying to sell his so- called Buffet Rule but based on how much money they made last year, this would not apply to the Obamas. And in their apparent attempt to minimize the criticism, White House Press Secretary Jay Carney put out a statement today which reads impart, "Under the president's own tax proposals including the expiration of the high income tax cuts and limitations on the value of tax preferences for high income households. He would pay more in taxes while ensuring that we cut taxes for the middle-class and those trying to get in it." Joining me now with reaction, Fox News contributor Ed Rollins and from the Fox Business Network Nicole Petallides. You know what the dumbest thing is though in all of this, Joe Biden, 1.5 percent of income in charity. You know, how many years does he have to go through this criticism before he ponies up some money like the rest of America and donates.

NICOLE PETALLIDES, FOX BUSINESS NETWORK: He should know better. His whole tax return is being scrutinized. He should give more at least while he’s in office and be smart about it.

HANNITY: Bill Clinton at least gave some used underwear Ed, give something.

ED ROLLINS, FOX NEWS CONTRIBUTOR: It's a free big house from the government. So, he can give whatever his rent would be normally. The idiocy of this whole. This is political theater. You know if the president wants to eliminate the capital gains tax which is where these people basically take it. Then stand up and say that. Say, I want a big tax reform, I want to do this and he’d get pillared. This is all part of this war against the rich. This class warfare and the truth of the matter is, you can go back a few years ago, and Warren Buffett took $100,000 a year in salary, 150,000 another year in salary. If Warren Buffet wants to pay more in taxes, he can take all of it.

HANNITY: All of it.

ROLLINS: All of it, his income and pay 35 percent, they don't want to do that. And that’s not what it is.

HANNITY: And we read this week, one of his companies NetJets is fighting the IRS. You know, I mean, it's hilarious.

PETALLIDES: I saw that. But just to talk about the Buffet Rule in particular. When Warren Buffett and I actually on the floor of The New York Stock Exchange when he was talking with Fox Business about his ideas and how we should be taxed. He wasn't talking about somebody who makes a million dollars. I mean, that is basically small businesses. And that’s capitalism, right? These companies aren't the ones. He was talking about companies; he was talking about people that make $200 million.

HANNITY: And he said that.

PETALLIDES: Yes, he said the multimillionaires. I’m surprised that he’s not calling Obama every day and saying that is not what I said.


PETALLIDES: I wish I had the video tape. You're talking about multi-millionaires, not one million.

HANNITY: Well, even in this whole comment with Hilary Rosen blasting Ann Romney never worked a day in her life. Notice this class warfare in this, as well. Watch this comment.


HILARY ROSEN, DEMOCRATIC STRATEGIST: What you have is Mitt Romney running around the country saying, well, you know, my wife tells me that what women really care about are economic issue. And when I listen to my wife, that's what I'm hearing. Guess what, his wife has actually never worked a day in her life. She's never really dealt with the kind of economic issues that a majority of the women in this country are facing in terms of how do we feed our kids, how do we send them to school and how do we -- why do we worry about their future.


HANNITY: She’s raised five kids. She was the first lady of Massachusetts. She has fought cancer. She is fighting MS. I mean, what are they thinking here?

PETALLIDES: They are out of their minds. That is so judgmental and so one-sided. And I've said it before. The administration and some of these folks are so dividing this country, a mother, a working mother stay at home mother, what does she live under a rock? The woman is working so hard day and night. And of course, she’s well versed in everything, you know, and why shouldn't he be listening to his wife?

ROLLINS: The stupidity of this is why would the campaign or the White House jump into this? This is a CNN contributor. Sometimes she says damn thing, sometimes she says smart things.

HANNITY: But she is also hired to be the media advisor for the DNC and Debbie-Wasserman Schultz.

ROLLINS: Well she hasn’t done a very good job on that front either. But at the end of the day, they basically jump in there and put justice, this only reinforces our base. Most married women are very Republican and the gender gap is single women who you got to make inroads in. And this is insensitive to all women.

HANNITY: Two polls came out today, and the president is losing by two points and the Fox poll, another poll came out today, it's down by four points. You know, it's interesting because every attempt they have had. Now, they're trying to energize their base. And so far it's not working. And the Sandra Fluke call raises questions about million dollars for Bill Maher. This raises questions about what they think a stay at home moms. And, you know, you go back. Here’s more hypocrisy of the president as we continue to vet the president. Here is what the president said in his case that his wife Michelle and the wives of candidates, they shouldn't attack them, it's low class.


PRESIDENT OBAMA: The GOP should I be the nominee. They can say whatever they want to say about me and my track record. If they think they are going to try to make Michelle an issue in this campaign, they should be careful. Because that I find unacceptable, the notion that you start attacking my wife or my family. You know, Michelle is the most honest, the best person I know. She is one of the most caring people I know. She loves this country. And for them to try to distort or to play snippets or for remarks in ways that are unflattering to her, I think is just low class. And I think most of the American people would think that, as well. Whoever's in charge of the Tennessee GOP needs to think long and hard about the kind of campaign that they want to run and I think that is through for everybody, Democrat or Republican.

MICHELLE OBAMA, UNITED STATES FIRST LADY: We're trusting that the American voters are ready to talk about the issues and not talking about the things that have nothing to do with making people's lives better.

OBAMA: But I also think these folks should lay off my wife. All right?


HANNITY: Lay off my wife. Low class. This is not about red America, blue America. The United States of America. Boy, now, he’s dividing on every front.

ROLLINS: We haven't gone after his wife. We’re going after his record and the kinds of things that he hasn't done effectively. Things he promised to do as a candidate. He's been a very ineffective president. That's where he's going to run on. We're not going to run about.

HANNITY: Well said.

PETALLIDES: Couple of quick thoughts. Number one, that's from 2008. So, this stuff doesn't go away that fast. And working women, stay-at-home women are going remember the comments from today. They don't forget the stuff so quickly. Number two, on the second thought here. On taxes, you can't overtax America. You can't overtax the companies that are trying to create the jobs that are trying to expand.

HANNITY: Wait a minute. But we're number one. We have the highest corporate tax rate in the entire world as of what, last Sunday.

PETALLIDES: It doesn't work. You cannot try and create economic growth while strangling everyone with overtaxing.

HANNITY: Well, tell that to all the tax cheats who works for the president. They're not listening to me. Guys, good to see you and thank you.

ROLLINS: Happy Greek Easter.

PETALLIDES: Oh, that's nice.

HANNITY: Oh, that's right.

PETALLIDES: Thank you.

HANNITY: All right. And coming up, we will continue to vet the president.

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