Squawk Pod NYC’s “Tax the Rich” Debate & Privatizing TSA 3/30/26
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Mar 30, 2026 John Pistole, former TSA chief, on airport security, staffing and privatization possibilities. Steven Fulop, Partnership for New York City leader, on how tax changes could affect employers and revenue. Robert Frank, CNBC wealth reporter, on billionaire migration and Sanders’ tax-the-rich rally. Dan Murphy, CNBC Middle East correspondent, on widening conflict and regional risks.
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Wealth Flight From New York Is Large And Concentrated
- IRS migration data shows high-income outflows from New York, with a $10 billion net loss to lower-tax states in 2022–2023.
- Robert Frank highlighted Florida gained $21 billion, Palm Beach County added $3 billion, and Texas gained $5.5 billion.
Entitlement Growth, Not Just Taxes, Driving New York Shortfall
- Steven Fulop argued New York's budget strain is driven by unprecedented entitlement growth, not solely missing wealthy taxpayers.
- He cited FAPS rental assistance growing 4% per month as an unsustainable multi-billion-dollar program implemented under the Cuomo administration.
High Marginal Rates Create A Tripwire For Exodus
- High marginal tax burdens in New York (approaching ~60% in some cases) create a political and economic tripwire that can accelerate business departures.
- Fulop warned that aggressive tax proposals risk fewer wealthy residents, fewer employers, and larger affordability crises over time.