*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."
While Postmaster General Louis DeJoy halted operational changes at the USPS, California Rep. John Garamendi claims the concerted effort to destroy the post office was orchestrated by the Trump administration in order to steal the November election.
A day after Michelle Obama’s passion wowed Democrats on the opening night of the party's national convention, Joe Biden will draw on a collection of his party’s most experienced leaders.
The Postmaster general says he is halting some operational changes until after the November election.
President Donald Trump says he'll pardoned Susan B. Anthony, a leader in the women’s suffrage movement, who was arrested for voting in 1872 in violation of laws permitting only men to vote.
As the USPS rolls back its operational capacity, House Speaker, Nancy Pelosi, is calling ono the postal chief to testify in front of congress. Andrea Thomas Haile, CEO of Vote.org, talks steps states can take to work around USPS limitations.
There was no central meeting place or cheering throng during the all-virtual Democratic National Convention on Monday night. But it was an opportunity for Democrats — and some Republicans — to rally behind Joe Biden, the party's presidential nominee.
As eviction moratoriums are lifted and extra federal unemployment assistance dries up, there is a broad consensus among housing experts that an evictions crisis is inevitable.
The Democratic Party will convene, sort of, amid a pandemic that has upended the usual pomp-and-circumstance of presidential nominating conventions.
The Department of the Interior has approved an oil and gas leasing program within Alaska’s Arctic National Wildlife Refuge.
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.
