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Senate bill targets corporations that deduct settlement payouts
The Washington Post: JPMorgan Chase’s pending $13 billion settlement with the Justice Department has revived calls from some in Congress that corporations should be prevented from claiming tax deductions on such deals.
The government in the past two years has exacted a series of multimillion-dollar settlements from companies accused of preying on consumers or defrauding investors. But many of these firms are entitled to write off as much as 35 percent of their payout as an ordinary business expense.
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