Overview

• Warren clashed with CNBC host David Faber during Monday’s Squawk on the Street segment on the NYSE floor over Zohran Mamdani’s proposed wealth tax.
• She referenced a 2023 Fiscal Policy Institute study that found no significant tax-motivated migration from New York following previous rate hikes.
• Warren argued that taxing the top 1 percent by an additional two percentage points would fund housing and services for the one in four New Yorkers who struggle to afford essentials.
• Mamdani’s grassroots-driven affordability platform, anchored by the two percent levy, secured him the Democratic mayoral nomination by a 12-point margin in June.
• The exchange underscores tensions between progressive taxation to address the city’s cost-of-living crisis and business concerns about preserving New York’s economic competitiveness.