*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 government’s top infectious disease expert has told a House committee he believes "it will be when and not if" there will be a COVID-19 vaccine.
Cheddar's Need2Know Podcast for Tues., June 23, 2020.
On Monday, every driver and their crews joined Bubba Wallace in a show of solidarity before the race that was postponed a day by rain.
Alarming surges in coronavirus cases across the South and West are raising fears that the outbreak is spiraling out of control.
Cheddar's Need2Know Podcast for Mon., June 22, 2020.
Apple is closing 11 stores in Arizona, Florida, North Carolina and South Carolina that it had reopening just a few weeks ago.
Also called Emancipation Day, or Juneteenth Independence Day, Juneteenth is a holiday commemorating the end of slavery in the United States But this second independence day is not a national holiday and most Americans have never even heard of it. Years of systematic racism, segregation, and the oppression of Black Americans have diminished and stamped out efforts to make what should undoubtedly be an American National Holiday.
The director of "Selma,""13th," and "When They See Us," Ava DuVernay, is working to empower other artists to create works to keep law enforcement accountable as police brutality protests have gathered steam throughout the world.
In the midst of a national protest movement calling for an end to systemic racism in the criminal justice system, the idea of celebrating the end of slavery as a national holiday is gaining momentum among political leaders, activists, and corporate head-honchos alike.
NBA Executive, Michele Roberts joins Cheddar to talk discuss being the first woman and person of color to join Cresco Labs' board of directors. Roberts has also been instrumental in the return of the NBA season amid the coronavirus pandemic.
