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California Analyst Sees Annual Surpluses of $10 Billion

California may reach annual budget surpluses of almost $10 billion, much of it from gains in stocks, by the time higher sales and income taxes expire in 2018, the nonpartisan Legislative Analyst’s Office forecast.

The surplus outlined in a report yesterday marks a turnabout for the most-populous U.S. state, which fought $100 billion in cumulative deficits for four years ending in 2012.