Wall Street exec sworn in on JFK Bible to replace Christie

Gov.-elect Murphy takes NJ Transit tour with stops around the state

Murphy spoke about major ideas but did not offer details in his inaugural speech, saying he will go before the New Jersey Legislature to present his first budget soon to provide more details on his plans and proposals.

Murphy had been counting on raising taxes on millionaires for a projected $600 million in annual revenue, but Senate President Steve Sweeney (D., Gloucester) appeared to scuttle that plan after Trump signed a federal tax overhaul that is expected to hurt filers in high-tax states like New Jersey and NY.

The new governor called for the wealthy to pay higher taxes, more funding for Planned Parenthood and a $15 minimum wage. He said that his vision for a "stronger and fairer" New Jersey includes criminal justice reform and marijuana legalization.

Murphy thanked former Gov. Chris Christie for his service and praised the Republican's work addressing the opioid crisis.

That figure could shrink in the coming months since New Jersey's governor is among the most powerful in the country, with the authority to appoint judges, prosecutors and hundreds of other officials, and is often in the spotlight.

New Jersey's Governor-elect Phil Murphy said Sunday he is working toward a "stronger and fairer economy and society" in "the most diverse state in the United States".

Murphy has never held political office and earned his fortune, which he used to help win the Democratic nomination past year, as an executive at Goldman Sachs.

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"For those of you who are debating whether to stay in New Jersey or leave, or perhaps, considering moving here from elsewhere, I commit to you - many years from now, when you look back, planting your flag in New Jersey will have been one of the smartest decisions you ever made", Murphy said.

Murphy built his campaign around undoing the Trump administration's efforts on health care, immigration and taxes.

Murphy is set to take the oath of office along with his running, Shelia Oliver, tomorrow at the War Memorial in Trenton. "We will do it as a team, as we always have", the state's new Democrat leader told the crowd gathered for a pre-inaugural concert and rally at Middlesex County College.

The Democrat joined with local veterans and members of the community for the ceremony to honor all of New Jersey's heroes and to let them know that they have not been forgotten.

The state should work to provide tools for small businesses, Murphy said, instead of delivering massive tax breaks "to a handful of select and connected big corporations that frankly don't need them in the first place".

Phil Murphy posted a photo of his wife and children in a group hug on Twitter Tuesday and wrote "Today our great state turns a new page".

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