*By Justin Chermol*
The daunting task of paying back astronomical student loans may soon be less taxing, California Congressman Scott Peters tells told Cheddar Tuesday.
Rep. Peters (D-Calif.) has received 99 co-sponsors on his bipartisan Employer Participation in Repayment Act, which would allow employers to contribute to their employees' student loan payments, tax-free.
"The idea is this: if you go to work for a company, they can pay off up to $5,250 of your student loans in a year without it being income to you, so it's not taxable to you," Peters told Cheddar's J.D. Durkin.
"If you talk to any young person about ... the big thing on their mind: it's student loan debt. They're not buying a house, they're not getting a car, they're living with their parents, all because they have this burden."
According to a recent [report](https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf) from the Federal Reserve, the rise in student loan debt from 2005 to 2014 has contributed to a decline in home ownership.
Nearly one in four American adults are paying off student loans. That amounts to over 44 million citizens who hold collectively almost $1.5 trillion in student debt.
"The average debt now, out of a public university: $30,000 for each kid," Peters said.
Peters also said that the bill could benefit the employer as well ー as educated talent will be attracted to jobs that offer this tax-free incentive.
Peter said he feels good about the bill's chances of at least making it to the House floor for a vote.
"I am more optimistic about that in this Congress with Mrs. Pelosi, rather than Mr. Ryan. I think that we are likely to deal with this issue in a serious way," Peters said. "That's the first step."
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
The Albany County Sheriff’s office says a woman who accused Gov. Andrew Cuomo of groping her breast at the New York governor’s state residence has filed a criminal complaint against him.
United Airlines will require U.S.-based employees to be vaccinated against COVID-19 by late October, and maybe sooner.
Hiring surged in July as American employers added 943,000 jobs.
State lawmakers are telling New York Gov. Andrew Cuomo that their ongoing impeachment investigation is “nearing completion” and gave him a deadline of Aug. 13 to provide additional evidence.
The Mexican government is suing U.S. gun manufacturers and distributors, arguing that their commercial practices have unleashed tremendous bloodshed in Mexico.
The number of Americans applying for unemployment benefits fell last week by 14,000 to 385,000 more evidence that the economy and the job market are rebounding briskly from the coronavirus recession.
The White House will be requiring incoming travelers to the U.S. to be vaccinated., Gov. Cuomo is potentially looking at criminal charges, and Jeopardy! might be heading in a surprise direction for a new host.
The Biden administration wants automakers to raise gas mileage and cut tailpipe pollution between now and model year 2026. It also has won a voluntary commitment from the industry that electric vehicles would make up roughly half of U.S. sales by 2030.
A Belarusian Olympic sprinter who criticized her coaches at the Tokyo Games said Thursday that she showed police at the airport a translated plea for help on her phone as she tried to avoid being put on a plane back home.
