Fox News' Bill O'Reilly Threatens to Quit if Obama Hikes Taxes on Rich

In Talking Points, the opening segment of each of his shows, O'Reilly said Monday he wants the federal government to get more money - just not from him.

If you tax achievement, some of the achievers are going to pack it in, he said. My corporations employ scores of people. They depend on me to do what I so they can make a nice salary. If Barack Obama beings taxing me more than 50 percent, which is very possible, I don't know how much long 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?

On Monday, Obama unveiled plans to target tax increases on the richest citizens as part of a deficit reduction package of about $3 trillion. Roughly $1.5 trillion of that savings would come from increasing the taxes on those with an annual income of more than $1 million and the super-rich earning more than $10 million.

But Republicans rejected it as a political stunt, saying the proposal had a small chance of becoming law, the Economic Times reported. The president, however, said he would veto any plan that relies solely on spending cuts to reduce the deficits.

I will not support any plan that puts all the burden of closing our deficit on ordinary Americans, Obama said. We are not going to have a one-sided deal that hurts the folks who are most vulnerable.

In the segment following Talking Points, O'Reilly took it even a step further, saying, I'm absolutely not gonna buy stocks if he ups the capital gains to 40 percent. You raise that cap gains tax up above 20, I ain't going on.