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Garden State Gov. Chris Christie has a message for the top 1% of income earners: Please occupy New Jersey. "I'm going to start going after a lot of these hedge-fund guys who are in Connecticut and New York and say, 'You're going to get a better deal with us,'" says the country's most important Republican not running for president.

Mr. Christie's new tax-reform plan also offers an improved deal to the bottom 99%, which is why he may be able to move it through New Jersey's Democratic legislature: a 10% cut in tax rates across the board.