A New York inmate will spend more time in prison after filing tax returns claiming he was owed a $890 million refund. The AP reports that the forms were submitted to the IRS from 2006 to 2010 while he was incarcerated, and at one point the inmate was mailed a $327,000 check from the government, but prison officials confiscated it. In other blatant examples of why our tax law needs to be reformed, Mitt Romney paid $44,000 more in taxes than he actually owed. more ›

Future President Newt Gingrich gave his first speech since announcing his campaign for president, and took the opportunity to praise a multi-billion dollar corporation for not paying any taxes. GE, a company that reported global profits of $14.2 billion last year while simultaneously cutting 20% of its American workforce to move jobs overseas, did a heckuva job in Gingrich's myopic eyes by paying zero corporate taxes last year. more ›

Last week, the NY Times published an outrageous article about how GE, with the help of its 975-employee tax department, paid no taxes, in spite of $14.2 billion in profits, over $5 billion made in the U.S. The Times added, "In fact, G.E. claimed a tax benefit of $3.2 billion." It's good to be rich, isn't it? You get to avoid paying taxes AND get VIP service from the NYPD. So, last night on the Daily News, Jon Stewart covered the matter in a segment called, "I Give Up," noting how GE has cut 20% of its American workforce while moving jobs overseas. more ›

After months of talks, cable giant Comcast has made a deal with General Electric for NBC. According to the NY Times, "The agreement will create a joint venture, with Comcast owning 51 percent and G.E. owning 49 percent. Comcast will contribute to the joint venture its stable of cable channels, which includes Versus, the Golf Channel and E Entertainment, worth about $7.25 billion, and will pay G.E. about $6.5 billion in cash, for a total of $13.75 billion. For now, the network will remain NBC Universal, but ultimately Comcast could decide to change the name." Fun facts: GE CEO Jeffrey Immelt and other execs "intend" to keep their offices at 30 Rock and want the GE logo to remain at the top of the building. more ›

Billionaire investor Warren Buffett announced he will buy $3 billion in G.E. preferred stock, "G.E. is the symbol of American business to the world... They have strong global brands and businesses with which I am quite familiar. I am confident that GE will continue to be successful in the years to come.” G.E.'s stocks dropped this morning. Eight days ago, he invested $5 billion in Goldman Sachs. In the meantime, the Senate will vote on bailout legislation tonight and stocks are basically unchanged from yesterday. more ›