New Jersey Republican and Democratic leaders insist they support the idea of tax cut for Garden State residents, so why isn't it happening?

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"Before we talk about a tax cut, we need to see what the state revenues will be, and we need an alternative spending plan - spending reductions - and we need to talk about that. Nobody has put pen to paper yet on what alternative spending cuts would be," said State Senate Budget Chairman Paul Sarlo, during a Public Policy forum sponsored by the New Jersey Business and Industry Association.

He also said he would love to announce an income tax cut, but it goes back to the revenues.

"Clearly it goes back to the revenues, and I think we're premature sitting here today to know where our current year fiscal year 14 revenues stand," Sarlo explained.

Assembly Republican Leader Jon Bramnick has a different point of view.

"You have to do the cut, which is a few hundred million dollars, on a $33 billion budget. The governor says he will find the money, take the chance in my judgment," Bramnick said, "I am convinced that if the governor says he can find the money, he'll find the money."

Assembly Speaker-elect Vinnie Prieto stressed everyone wants a tax cut, but the problem is figuring out the best way to do it.

"We have to have an open, honest dialogue about this because I think that it's the right thing to do," he said. "The only way we can lower taxes is by working and doing it in a bipartisan way, and we have to be honest and talk about it, but again, like in Jerry McGuire, you gotta show me the money before we can spend it."