*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."
The Defense Department says the U.S. military conducted airstrikes against what it says were “facilities used by Iran-backed militia groups” near the border between Iraq and Syria.
Former Minneapolis police Officer Derek Chauvin has been sentenced to 22 1/2 years in prison for the murder of George Floyd, whose dying gasps under Chauvin’s knee led to the biggest outcry against racial injustice in the U.S. in generations.
President Joe Biden has announced a bipartisan agreement on a pared-down infrastructure plan that would make a start on his top legislative priority and validate his efforts to reach across the political aisle.
An appeals court has suspended Rudy Giuliani from practicing law in New York because he made false statements while trying to get courts to overturn Donald Trump’s loss in the presidential race.
The final edition of Hong Kong’s last remaining pro-democracy paper sold out in hours, as readers scooped up all 1 million copies of the Apple Daily.
After weeks of regulatory crackdowns and public denouncements, the Chinese government has delivered a crushing blow to bitcoin mining in the country.
Apple Daily was forced to shut down Thursday after five editors and executives were arrested and millions of dollars in its assets were frozen as part of China’s increasing crackdown on dissent in the semi-autonomous city.
The Supreme Court has ruled that a Pennsylvania public school wrongly suspended a cheerleader over a vulgar social media post.
Gov. Ned Lamont has signed a bill making Connecticut the 19th state to legalize recreational use of marijuana, which remains an illegal drug under federal law.
The Tokyo Olympics are not looking like much fun: Not for athletes. Not for fans. And not for the Japanese public.
