OLYMPICS Act

This bill proposes a 100 percent tax on income earned by U.S. citizens and permanent residents who compete in major international sporting events like the Olympics or World Cup while representing foreign countries designated as entities of concern. The tax applies to both prize money and sponsorship income received from these competitions. It defines covered individuals as U.S. nationals or permanent residents and specifies that global athletic events include the Summer and Winter Olympics, World Cup, Tour de France, and Wimbledon. The legislation would take effect for amounts received after the bill is enacted, with the revenue treated as regular income tax under existing Internal Revenue Code rules.