New Jersey needs relief from the "horrific" Republican tax law, the state's new governor, Phil Murphy, told CNBC on Monday.
He argued that more than 80 percent of the benefits will ultimately go to the top 1 percent. "We'll do what it takes to push back on this," Murphy said.
The central issue is the new $10,000 cap on property, state and local income tax deductions (SALT). Under the previous law, the deduction was unlimited.