Yes, paper is considered to be acceptable in a compost pile, but it is a carbon source, not a veggie source. With all carbon things in composts, you need to be very careful to not put in too much. Furthermore, I would probably only supplement with paper, I would not make the majority of my compost base paper (or any one material).
I would not consider the bleach or chemicals to pose problems. Newspaper has always been used for composts back as far as I can think, and that has much more chemicals (ink at least) than printer paper does. Then again, the inks are likely different. Regardless, I personally would feel fine having any type of ink in my compost pile.
This does seem to be a debate amongst composters, here’s one debate covering both sides, but overall I am firmly of the opinion that paper in compost piles is beneficial and desirable.