*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."
In the 1920s, an army of real estate boosters set out to redefine Florida from an economic backwater to a ritzy vacation destination, sparking a land boom — and bust — the likes of which America had never seen before.
President Joe Biden is meeting with the House Democratic committee chairs who aim to put his $1.9 trillion coronavirus relief package on a fast track to becoming law.
Nate Boutte, pharmacy manager for Walgreens, talked about the readiness of the pharmacy chain in getting COVID vaccines out in the White House's new distribution plan.
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 IRS is offering eligible taxpayers who did not receive their full federal stimulus checks a chance to claim a Recovery Rebate Credit on their 2020 tax return.
Rep. Al Green (D-Texas 9th District), spoke with Cheddar about the possibility of raising the federal minimum wage as part of the current COVID relief package.
Rep. Brenda Lawrence (D-Mich. 14th. District) said that Trump must be held accountable for his possible role in egging on supporters to invade the Capitol Building on January 6.
Rep. Sara Jacobs (D-Calif. 53rd District) spoke to Cheddar about how those accused of provoking the January 6 attack on Capitol Hill, such as Rep. Greene and former President Trump, need to be held accountable.
Smartmatic is suing Fox News, three of its top hosts, Rudy Giuliani and Sidney Powell for $2.7 billion, charging that the defendants conspired to spread false claims it helped steal the presidential election from Trump.
The number of Americans seeking unemployment benefits fell to 779,000 last week, a historically high total that shows that a sizable number of people are still losing jobs to the viral pandemic.
