This proposed legislation, titled the OLYMPICS Act, seeks to amend the Internal Revenue Code of 1986 by establishing a new tax on specific income. It imposes a 100 percent tax on amounts received by any covered individual , defined as a U.S. national or alien lawfully admitted for permanent residence, during a taxable year. This tax applies to income derived from competing in global athletic events on behalf of any foreign entity of concern , as well as any sponsorships received as a result of or inducement for such competition, with the provisions taking effect for amounts received after the bill's enactment. A global athletic event is broadly defined to include major competitions such as the Summer and Winter Olympics, World Cup, Tour de France, and Wimbledon, along with any other event where individuals represent countries. A foreign entity of concern refers to any covered nation as defined in section 4872(f)(2) of title 10, United States Code. Importantly, any income subjected to this 100 percent tax is explicitly excluded from the individual's gross income for other federal income tax purposes, effectively preventing the individual from retaining any of these earnings.