*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.
On the heels of the RNC's final night, former senior advisor to President Barack Obama, Valerie Jarrett, joined Cheddar to discuss President Trump's speech.
Derrick Johnson, president and CEO of the NAACP, joined Cheddar to discuss the 2020 March on Washington happening today. Johnson also discussed the need for police reform in the U.S.
President Donald Trump plans to tell voters that Democratic rival Joe Biden would pursue the "most extreme set of proposals ever put forward by a major party nominee" when he delivers his acceptance speech,
Walmart said Thursday it may join Microsoft to buy the U.S. business of TikTok, the popular Chinese-owned video app that has come under fire from the Trump administration.
TikTok CEO Kevin Mayer has resigned amid U.S. pressure for its Chinese owner to sell the popular video app, which the White House says is a security risk.
New York Congresswoman, Yvette Clarke, joined Cheddar to discuss the recent policing shooting of Jacob Blake in Kenosha, Wisconsin. Clarke also discusses Sen. Kamala Harris' nomination as the Democratic candidate for the vice presidency.
U.S. health officials have sparked a wave of confusion after posting guidelines that coronavirus testing is not necessary for people who have been in close contact with infected people.
First lady Melania Trump portrayed her husband as an authentic, uncompromising leader in a Rose Garden address as President Donald Trump turned to family, farmers and the trappings of the presidency to boost his reelection chances on the second night of the scaled-down Republican National Convention.
A new poll from The Associated Press-NORC Center for Public Affairs Research finds 45% of Americans say they are setting aside more money than usual during the coronavirus pandemic.
