Senators Tom Coburn (R-OK) and Claire McCaskill (D-MO) have introduced a bill that would take care of all the federal employees who have ‘seriously delinquent tax debts.’ Quite simply, they would be fired:
In 2009, the IRS found that nearly 100,000 civilian federal employees were delinquent on their federal income taxes, owing over $1 billion in unpaid taxes. When retirees and military are included in the total, more than 282,000 federal employees owed $3.3 billion in taxes.
The Senate bill would require all federal employees to be current on their federal income taxes or be fired from their jobs. According to Coburn’s office, “this is a commonsense bill that most Americans would believe is reasonable, necessary, and likely surprised that it is not already the standard throughout the federal government.”
So if the 182,000 people that owe approximately $2.3 billion aren’t eligible to be fired, how exactly is this bill ‘commonsense’? Oh, right! By threatening the 100,000 people who owe $1 billion with the loss of their jobs. Got it!
That or it’s because they managed to not have an adverse opinion.
Fuqi International, Inc. (FUQI) gained more than 14 percent this morning. After the close yesterday, the seller of precious metal jewelry in the People’s Republic of China filed an 8-K form with the SEC where it disclosed that:
“The principal accountant’s reports of Stonefield on the financial statements of it as of and for the years ended December 31, 2008 and December 31, 2007 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the years ended December 31, 2008 and December 31, 2007 and through October 1, 2010, there were no disagreements with Stonefield on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which if not resolved to Stonefield’s satisfaction, would have caused it to make reference thereto in connection with its reports on the financial statements for such years.”
That emphasis is the orig. Supposedly that justifies the stock being up ~17%. Personally, we feel that it’s pretty snooze-worthy but maybe people get really amped when a Chinese company actually complies with the regulations.
Or maybe everyone is gaga over the MarcumStonefield marriage. Could be anything, really.