Fox News host Bill O'Reilly on Monday evening strongly criticized the thought of income equality existing and becoming a major problem in America's economy.

During a heated exchanged with Democratic strategist Kirsten Powers, O'Reilly claimed that he doesn't live a completely different life from regular Americans despite his wealth. Powers proceeded to ask him about the growing gap between America's rich and the rest of the country.

"Are you concerned about income inequality at all?" Powers asked.

"Income inequality?" a bemused O'Reilly replied. "Here's what I'm concerned about: The economy stinks because the federal government has botched it. If they get out of the way and let people develop small business, there would be more jobs. Income inequality is bull."

But O'Reilly is mistaken to dismiss the growing gap in wealth in the country. Income equality in America is at its highest since The Great Depression and contributes to killing economic growth. The top one percent income bracket in America control 42 percent of the nation's wealth, with tax rates for them at historic lows.

A Washington Post/ABC News poll showed a whopping 72 percent of Americans support raising taxes on millionaires as one solution to solve the inequality gap.

WATCH: Video from Fox News, which was broadcast on May 14, 2012.