The OLYMPICS Act would impose a 100 percent tax on U.S. citizens and permanent residents who earn income from competing in major international sports events—such as the Olympics, World Cup, Tour de France, and Wimbledon—on behalf of countries designated as "foreign entities of concern" by the federal government. This tax would apply to both direct competition earnings and any sponsorships tied to representing these foreign nations. The bill affects American athletes who compete internationally for countries on the government's list of concerns, effectively eliminating their financial incentive to represent those nations in global sports. The tax would take effect immediately upon the bill's enactment with no sunset date or expiration timeline specified. The legislation is structured as an amendment to the Internal Revenue Code and would be administered by the Internal Revenue Service alongside other federal taxes.
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