OLYMPICS Act

Key Points

• This bill would create a 100% tax on any money earned by U.S. citizens or green card holders who choose to compete for countries labeled as "foreign entities of concern." This list generally includes nations like China, Russia, North Korea, and Iran.
• The tax would apply to all income from the competition, including prize money and any sponsorship deals the athlete receives for representing that country. Essentially, the U.S. government would take every dollar the athlete earns from the arrangement.
• The rule covers major international sports events like the Summer and Winter Olympics, the World Cup, Wimbledon, and the Tour de France. It also applies to any other competition where athletes represent a specific country.
• This plan aims to discourage American athletes from helping rival nations gain international prestige. By removing the financial benefit, it makes it much harder for adversarial countries to recruit talented U.S. residents to play for their national teams.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.