New Jersey Governor Phil Murphy at The Inaugural Kickoff at the Newark Museum. Photo:Kena Betancur / VIEW press Corbis via Getty Images

"Resistance to the Republican tax overhaul comes with an ideological twist for some Democratic state officials: They've styled themselves as champions of the working class but are pushing hard for measures that would reduce taxes mostly for the wealthy," AP's Geoff Mulvihill reports from Cherry Hill, N.J.:

"Democratic governors and lawmakers in a handful of high-income, high-tax states are promoting policies that are intended to spare their residents the pain of the new $10,000 cap on deductions for state and local taxes."

  • "Connecticut, New Jersey and New York are even planning to sue the federal government over the new cap."
  • The argument: State officials say the cap "has the potential to drive well-off residents to other states. ... Republican critics say the states should be reassessing their taxes instead of trying to circumvent the new tax law."
  • What's next: "The legislative workarounds have moved swiftly through state Senate chambers in California and New Jersey. A bill with similar components passed the Oregon Senate and House in the last two weeks. The concept is under consideration in Connecticut, Maryland, New York, Rhode Island and the District of Columbia.

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The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

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Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

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Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.