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Talking Points

Bill O'Reilly: Money, '60 Minutes' and the candidates

By Bill O'Reilly

On "60 Minutes" last night the President and Governor Romney did not say anything new. But it was the way they said what they said that was most interesting.

The President looked a little jumpy especially when Steve Kroft started ticking off things that he promised to do but has not done. Mr. Obama maintaining the desperate economy changed all of his plans.

Meantime Mitt Romney looked a bit more authoritative even when dodging the question.

(BEGIN VIDEO CLIP)

MITT ROMNEY (R), PRESIDENTIAL NOMINEE: I will not lower the share of taxes paid by high income individuals. And I will make sure that we bring down rates, we limit deductions and exemptions so we can keep the progressivity in the code and encourage growth in jobs.

PELLEY: And the devil is in the details, though. And what are we talking about -- the mortgage deduction, the charitable deduction.

ROMNEY: The devils is in the details; the angel is in the policy which is creating more jobs.

(END VIDEO CLIP)

O'REILLY: Well, it's obvious Mitt Romney does not want to say what deductions and tax exemptions he would phase out. That's because there are tons, tons of unintended consequences for limiting mortgage deductions, charitable donations, things like that. The Governor simply doesn't want to deal with the fallout in the middle of his campaign.

But I believe Romney does want to simplify the tax code and keep the wealthy paying far more federal tax than anybody else.

Now on the subject of Romney's own money, there is unfairness going on. The Democrats say this.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Mitt Romney paid just 14.1 percent in taxes last year. He keeps millions in Bermuda and the Cayman Islands. He won't release his tax returns before 2010. Maybe instead of attacking others on taxes Romney should come clean on his.

(END VIDEO CLIP)

O'REILLY: Well, the Governor has come clean. He released his 2011 tax return last week. He paid a bit more than 14 percent in federal taxes because his income is earned from investments and that's the long-term capital gains rate.

So, what's the problem? President Obama wants to raise the cap gains tax which might very well slow down investment in American companies. I certainly wouldn't buy as many stocks because the risk/reward becomes stacked against the investor.

The stock market is already a casino with manipulation all over the place. There is no question that if the feds make investing less profitable by raising the tax on gains, there will be less investment. And if there is less investment, there will be fewer jobs.

Are you hearing me on this, President Obama?

Now, the media should know the difference between the income tax and the cap gains tax but they choose not to report it. Instead, they mislead folks with the thinking that Romney is not paying his fair share.

Warren Buffett actually started all the madness and that's what it is... madness. Once again, if you make investing harder, fewer people will invest.

Finally, let's take a look at what all the candidates paid the feds in 2011. The first line up there, that's what all the guys made. All right, gross income with Romney obviously far in the lead. The second line is what they all gave to charity. Paging Joe Biden, 1.5 percent of your income not impressive. Romney donated 30 percent of his income to charity. President Obama 22 percent.

The third and fourth lines up there are what the candidates actually paid to the feds. Once again, Governor Romney far in the lead.

Now, this isn't a pro-Romney talking points. This is a fair "Talking Points". Memo to the media you might want to try it.

And that's "The Memo."

O'Reilly Factor, hosted by Bill O'Reilly, airs on Weekdays at 8PM ET on Fox News Channel.