Hi I'm Bill O'Reilly. Thanks for watching us tonight. Why you don't have as much money as you should have. That is the subject of this evening's "Talking Points" memo. As we reported last week the federal government is now getting a record amount of tax money from us the hard working American public.

And yesterday, the Census Bureau issued a new report that says state and local taxes at record levels as well. This is why the U.S. economy is stagnant American consumers don't have enough money to spend because the tax man is taking the money.

I mean a 10-year-old can understand this. If you drain the private sector of wealth consumer spending will be affected. And you can't get out of a soft economy without consumer spending.

This is why for the past five years the economy has been bad in the USA and the folks aren't spending enough. Now President Obama will tell you he's not a big tax guy. Listen to him.

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BARACK OBAMA, PRESIDENT OF THE UNITED STATES: I know you hear a lot of folks on cable TV claiming that I'm this big tax and spend liberal. Next time you hear that you just remind the people who are saying it that since I have taken office, I have cut your taxes your taxes -- your taxes today, the average middle class family your taxes are lower than when I took office.

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O'REILLY: But that statement is spin. Pure spin. Once again, the federal government is getting more tax revenue than ever before and state and local taxes are at the highest level in the history of this country.

More facts state and local income tax will clock in at more than $114 billion in the second quarter of this year -- a record. State and local sales taxes more than $82 billion -- a record level. Fuel taxes more than $11 billion -- a record. Motor vehicle taxes almost $8 billion -- another record. Property taxes approaching $100 billion this year -- a record for the second quarter.

So even if you live in San Francisco, you can see working Americans are being punished by high taxes across the board. The people we have elected are taking away our security because we can't accumulate enough money to feel secure in retirement. They're taking away our legacy because we can't pass money on to our children. They are putting us in danger because we can't protect ourselves from disasters.

And even with all that money flowing into Washington. The country is close to a $700 billion a year deficit. And the United States owes close to $17 trillion. Things are obviously out of control and the Democratic Party is primarily to blame.

Simply put, President Obama and his acolytes do not want Americans to accumulate wealth. They want to take private wealth away from those who have it and give it to those who don't have it. And they have succeeded in doing that with an assist from the Bush administration which ran up colossal debt after 9/11.

Taxes in America have reached critical mass. Yet Nancy Pelosi says no more cuts are possible. So, unless we the American people, the working people wise up and understand what a bad deal we're getting. We'll never have a vibrant economy again. It's just impossible.

And that's "The Memo."

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