Millions in profits and a tax bill ($0) to envy

Imagine if corporations invested in our communities, via taxes without legislative loopholes, how much more financially sound this country would be. Noble goal, indeed.

They are high-tech companies, financial players, and manufacturers. What they all have in common: They paid no federal income taxes last year, despite making millions of dollars in profits… They are beneficiaries of longtime tax breaks for corporations, tax specialists say, coupled in some cases with shorter-term tax benefits that lawmakers introduced in the past three years to help companies during the recession. Indeed, more than one-quarter of 112 profitable, publicly traded companies in the Commonwealth did not write checks to Uncle Sam for the 2010 tax year, according to a Globe review of tax data filed with regulators and compiled by Standard & Poor’s Capital IQ. [Full Article: Boston Globe]