*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."
Russian President Vladimir Putin says he and U.S. President Joe Biden agreed in a “constructive” summit to return their ambassadors to their posts and to begin consultations to replace the last remaining treaty between the two countries limiting nuclear weapons.
Joe Biden has arrived in the summit city of Geneva ahead of what will be the most-watched part of his first trip abroad as president: talks with Russia’s Vladimir Putin.
The U.S. death toll from COVID-19 has topped 600,000, even as the vaccination drive has slashed daily cases and deaths and allowed the country to emerge from the gloom.
MacKenzie Scott, the billionaire philanthropist known for her impromptu multi-billion dollar donations to charities and racial equity causes, announced Tuesday that she has given $2.7 billion to 286 organizations.
A French court has ordered home furnishings giant Ikea to pay more than $1.3 million in fines and damages Tuesday over a campaign to spy on union representatives, employees and some unhappy customers in France.
Retail sales fell in May, dragged down by a decline in auto sales and a shift by Americans to spend more on vacations and other services instead of goods.
British Prime Minister Boris Johnson has confirmed that the next planned relaxation of coronavirus restrictions in England will be delayed by four weeks until July 19, as a result of the spread of the delta variant.
J&J Contamination, New Israeli Government, Djokovic wins. Here are the headlines you Need2Know for Monday, June 14, 2021:
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.
OhmConnect, an Oakland-based company, is offering a demand-side solution that could end up playing a crucial role in helping California avoid rolling blackouts this summer.
