By Bill O'Reilly

It was more of the same from President Obama on Monday, demanding a tax increase on wealthy Americans and corporations in order to cut the enormous federal debt.

(BEGIN VIDEO CLIP)

PRESIDENT OBAMA: Explain why somebody who is making $50 million a year in the financial markets should be paying 15 percent on their taxes when a teacher making $50,000 a year is paying more than that, paying a higher rate. They ought to have to answer for that.

(END VIDEO CLIP)

Well, Mr. President, I do have an answer. Of course I do.

No. 1, you are talking about long-term capital gains tax, currently at 15 percent. But you and your pal Warren Buffett never say that. You equate the 15 percent cap gains tax with the federal income tax. That is not fair. That's because capital gains tax is levied on profits from invested money that has already been taxed.

Let's take me for example. I pay 35 percent in federal income tax. Some of my take-home pay is invested, and if I make some money on the investment, the government takes 15 percent of it away, or more if I make the profit in less than a year. Let's see: 35 percent plus 15 percent on profits; a nice return for the feds on my sweat equity.

OK, let's continue, Mr. President. If I lose money on my investments, a good possibility, you only allow me to deduct $3,000 a year. Therefore, my risk in investing is substantial. Now you want to up the ante on my winnings, but you don't say how much because the stock market will go nuts if you do. With all due respect, the tax the rich deal is bogus, as I'll demonstrate in a moment.

One more thing, Mr. President. In August of 2009, you said this:

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OBAMA: The last thing you want to do is to raise taxes in the middle of a recession because that would just suck up and take more demand out of the economy and put businesses in a further hole.

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Correct. So let me ask you: What's changed in two years? The economy is still awful and unemployment's even higher. So why have you changed your mind about a tax increase on the affluent and business?

Here's the unintended consequence of Mr. Obama's revenue enhancing plan, and I must tell you I want the feds to get more revenue. I don't want to starve them, as some people do. We need a robust military, a good transportation system and protections all over the place. But if you tax achievement, some of the achievers are going to pack it in.

Again, let's take me. My corporations employ scores of people. They depend on me to do what I do so they can make a nice salary. If Barack Obama begins taxing me more than 50 percent, which is very possible, I don't know how much longer I'm going to do this. I like my job, but there comes a point when taxation becomes oppressive. Is the country really entitled to half a person's income?

Finally, this fair share garbage has got to stop. Right now, taxpayers with incomes above $1 million represent just 0.2 percent -- not 2 percent, 0.2 percent -- of all income tax returns. Yet the million-dollar babies pay 21 percent of all the federal income tax.

Fair share, Mr. President? You make the call.

And that's "The Memo."

Pinheads & Patriots

I'm a Beatles fan, not a fanatic. I mean, "The Long and Winding Road." I'm sorry. But generally these guys are a very positive force in the world, and now we learn that The Beatles refused to play a concert in Jacksonville, Florida, back in 1964 because the audience was segregated. The promoters gave in and integrated the arena, and The Beatles did the show. Good for them. They are patriots.

— You can catch Bill O'Reilly's "Talking Points Memo" and "Pinheads & Patriots" weeknights at 8 and 11 p.m. ET on the Fox News Channel and any time on foxnews.com/oreilly. Send your comments to: oreilly@foxnews.com.