Summary
Republican lawmakers have put forward a bill to stop federal income taxes on Olympic and Paralympic medal winnings for U.S. athletes. The TEAM USA Act aims to remove tax requirements regardless of an athlete's income, which would change the current situation where only those earning less than $1 million get tax benefits. The bill is in the early stages of the legislative process.
Key Facts
- The bill is called the TEAM USA Act and was introduced by Republican Representatives Mike Kelly and Michelle Fischbach.
- Current law allows medalists to avoid federal taxes on medal winnings only if their annual income is $1 million or less.
- The new legislation would remove this income cap, so all medalists could benefit from the tax exemption.
- The bill covers all Olympic and Paralympic medal winnings, including gold, silver, and bronze medals.
- If passed, the changes would be retroactive from January 1, 2026.
- The bill is currently under review by the House Ways and Means Committee, which handles tax laws.
- Additional Republican lawmakers, including Pete Stauber, Claudia Tenney, Tony Wied, and Jeff Hurd, support the bill.
