Max Levchin on AOC's 'tax the wealthy' plan

[rlvaughn]

Max Levchin on AOC's 'tax the wealthy' plan: 'Redistribution does not work'

PayPal (PYPL) co-founder Max Levchin has said he tries stay away from politics — but the Ukranian-born serial entrepreneur does make at least one exception.

“In general, what has struck me as amusing — and to some extent, tragic — is that there's not a whole lot of people that are pounding the table for some form of socialism that lived in a socialist setting,” Levchin told Serwer.

“Having ... spent my first 16 years in a socialist country, from personal experience, redistribution does not work, because people doing the redistribution somehow always get a lot more,” he added.[bold emphasis mine]