By Bill O'Reilly

Big debate nationwide because President Obama is putting forth that affluent Americans owe their country more than they are giving. Last Friday the President said this about business people.

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PRESIDENT OBAMA: Because if you've got a business, you didn't build that. Somebody else made that happen. The Internet didn't get invented on its own. Government research created the Internet so then all the companies could make money off the Internet.

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O'REILLY: Apparently the President believes that the federal government should take more in taxes from wealthy Americans and business owners because the feds make individual success possible. That of course, is prompting some outrage.

Here is my take. No man is an island. Everybody needs help to develop their potential, that's true. However, individual achievement is just that. Barack Obama did not help me develop "The Factor." No federal agency helped me go to college. I paid my own way. I painted houses. Federal government, had nothing to do with it. They didn't give me the paint, didn't give me the brush, didn't help me up the ladder.

Yes, the founding fathers gave me freedom of speech to bloviate here, and I owe the debt of gratitude to my country for that. I am grateful and I am willing to pay 40 percent of my wages to Caesar, to the powers that be... 40 percent.

But President Obama wants far more than that. And, I believe, that punishes achievement. Also, that's absolutely not what the founding fathers had in mind. Because of my personal success, I employ a lot of people. Because of the Fox News Channel's success, it provides jobs for thousands of Americans.

I pay my taxes. And I give millions of dollars to charity. I give back. Not enough for President Obama... not enough. He wants me and other high income folks to finance a massive redistribution of wealth in this country.

Right now the feds can't do that because the country owes $16 trillion, so the President has to raise taxes on those who have to finance his social justice programs. Today the Congressional Budget Office reports that the richest five percent in this country pay 64 percent of all the federal income tax. The other 95 percent pick up 36 percent of the tab.

So, there is no question that affluent Americans are paying their fair share in carrying a heavy load. Most wealthy Americans are not evading their responsibility. But sadly, that's not what the President is saying. He wants to redistribute income on the backs of the achievers. And that's the truth.

And that's "The Memo."

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