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Bill Gates, the second richest person on the planet -- trailing only Mexico's Carlos Slim Helu -- with a piggy bank worth $59 billion when

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Bill Gates Goes on Fox News and Says It's Time to Soak the Rich; What Would Ronald Reagan Say?

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Bill Gates, the second richest person on the planet -- trailing only Mexico's Carlos Slim Helu -- with a piggy bank worth $59 billion when last tallied by Forbes magazine, said today that the U.S. needs to raise taxes and that the wealthy should bear a greater burden of the increase. At the same time, Microsoft's founder rejected the Holy Grail of many conservatives who insist there is a connection between job creation and the level of taxes.

"Even as the economy improves and you end the wars, you're going to have to raise taxes and certainly, whatever form it takes, and I'm not an expert on this -- the rich should bear a larger increase than the rest," Gates, who is attending the World Economic Forum in Switzerland, told Fox News.

Gates stressed that raising taxes on the wealthy will not result in stagnant job creation. "If something's a profitable activity, you're going to engage in it," he said. "Yes, there are tax rates that are so high that people may work less. But ... you have to get up in the 50, 60 percent range before that's the case."

President Obama said in his State of the Union address on Tuesday that under the "Buffett Rule" (named for Warren Buffett) millionaires should pay a minimum tax of at least 30 percent, even for income derived from investments. That means you, Mitt.

What would Ronald Reagan say?

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