Bill O'Reilly interview to air Saturday
OBAMA: What I have said is that I would take your marginal rate back to what it was under Bill Clinton.
O'REILLY: Yes, 39.
OBAMA: You go back to 39.
OBAMA: You can afford that.
OBAMA: There is no free lunch. So my only point is
O'REILLY: No, there is a free lunch.
OBAMA: What is the free lunch?
O'REILLY: The free lunch is that you're taking the wealthy in America and the big earners, OK, you're taking money away from them and you're giving it to people who don't. That's called income redistribution. It's a socialist tenant. Come on, you know that. You went to Harvard.
OBAMA: Teddy Roosevelt supported a progressive income tax.
O'REILLY: Not at the level you do.
O'REILLY: Here's where I got a problem.
OBAMA: That's from independent analysts.
O'REILLY: And it's not all about me, believe me.
OBAMA: Go ahead.
O'REILLY: Twenty percent more revenue coming in under Bush than Clinton, all right? He cuts taxes, people invest more. He cuts the capital gains. The government gets 20 percent more than under Clinton. You want to raise it back up. It doesn't make sense.
Secondly, the payroll tax. Over $250, you are going to hike it to infinity.
OBAMA: I am not.
O'REILLY: What's the cap?
OBAMA: That's not true.
O'REILLY: Whoa, whoa, whoa. What's the cap?
OBAMA: All I've said is that after $250
OBAMA: ...right, then we could raise the cap.
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