Should Settlements Like JPMorgan's $13 Billion Payout No Longer Be Tax Deductible?

We all like tax deductions (mortgage interest deduction, anyone?). Even though JPMorgan Chase has agreed to pay $13 billion to the Justice Department, corporate leaders also probably like the fact that they can claim a tax deduction on part of that settlement as an ordinary business expense. The Washington Post reports on the introduction of a Senate bill and a House of Representatives bill that would change "part of the law that lets companies receive tax deductions on payments made to resolve allegations of illegal conduct." Currently, companies cannot deduct portions of accords that are penalties or fines for violating the law, but  governmental "agencies, however, rarely spell out whether the entire monetary figure should be regarded as punitive."