May 12, 2012 2:32 AM

Commentary: California can blame tax breaks for rising deficits, soaring profits

In California, corporate profits are not merely up. They are "booming," the Legislative Analyst's Office reported not long ago. Apple reported profits of about $1 billion a week and is the world's most valuable company. Twitter expands rapidly, and the fabulously successful Facebook is on the verge of going public, creating large numbers of new millionaires.

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