With only five days left before Christmas, Bill gave Premium Members an early present by making the just-passed tax reform bill easily understandable. 

"It is now reality," he declared, "and here's the truth.  Nobody knows if this is going to work.  Republicans are praying that it works because if the economy jumps next year they'll keep the House and the Senate.  I can't tell you with any certainty whether you will benefit, but most of you will.  80% of working Americans will get some benefit, but not enough to buy you a Cadillac or BMW.  The big thing is the economy – if it jumps by 4%, which it never did under Barack Obama, that will create a lot of jobs and wages will go up.  Corporations will have more money to pay more salaries.  That's the key, salaries going up!"

Bill also took aim at the tax plan's many critics on the left:  "The Democrats, who call this a scam, don't have anything to put in its place to stimulate the economy.  Barack Obama's idea was to redistribute wealth, which doesn't create anything.  It takes away from achievers and corporations and gives to people who are not achieving.  Is that your plan, Democratic Party?  Is that what you want?  You had eight years of that and everyone was stuck in the mud.  So you're going to call the Republican plan a 'scam' when you have nothing?" 

Turning from economics to politics, Bill reported on the Congressional committees that are investigating the FBI and its anti-Trump agents:  "FBI officials Peter Strzok and Lisa Page both hate Trump, Strzok even said that he hoped Hillary Clinton would win the election 100,000,000 to zero!  These committees are now trying to find out whether the FBI was tilted in favor of Hillary Clinton.  This is a huge story." 

Bill pursued the issue of media dishonesty with author Steve Strang, whose new book is called "God and Donald Trump."  "Reporters have been doing this for years," Strang stated, "but no one ever stood up to them.  We didn't have a Bill O'Reilly or a Donald Trump, but now their hands are being called.  Journalists try to regulate themselves, but they all think alike, they all do the same things, and they pass their stories around to each other.  It's a racket." 

"It's the most dishonest I've seen the media in my 43 years," Bill concurred, "and one of the reasons I'm not at Fox News is because the people who peddle this dishonesty attacked me and finally got a little traction."

Strang analyzed the media's widespread hatred of Donald Trump.  "It's not just Donald Trump that they don't like," he said, "but it's everything he stands for.  Millions of people in this country feel that something is terribly wrong, and many of them are evangelical Christians like myself.  Originally we didn't like Trump, but as he became the nominee the evangelical community moved to him.  He has become a great champion of religious freedom and other things that are important to the religious community." 

Moving on, Bill reported on Ivanka Trump, who paid a surprise visit to a high school in Connecticut this week.  Some parents were outraged because they were not informed about the visit, and Bill expressed some understanding for their ire:  "These people are really angry and I see their point.  If I have a student in high school and there is a high profile speaker coming in, I want to know about it.  But I want my kids to hear all points of view, I want them to hear Bernie Sanders talk about socialism.  If you don't like Ivanka Trump just because her last name is Trump, that's kind of shallow." 

Finally, Bill's alma mater of Boston University has a professor who is complaining that the song 'Jingle Bells' is somehow racist.  "In 1822 James Lord Pierpont composed Jingle Bells," Bill explained, "and in 1857 there was a minstrel show in Boston in which the actors sang Jingle Bells in blackface.  This professor found out about that and declared that the song is racist.  Why?  Because she wants attention!  But the song's not racist." 

In their emails and message board comments, many Premium Members weighed in on the merits and shortcomings of the Republican tax reform plan.  "There are a lot of quasi-socialists in America now," Bill said in reply to one PM.  "They hate corporations and they don't want corporations to get any benefits."  He also reiterated that he will probably be a net loser because New York State's exorbitant local taxes will no longer be fully deductible. 

Check out the BillOReilly.com Christmas Store for some last-minute gift ideas, and we'll see you tomorrow for another version of the No Spin News.