And Obama and the Democrats made it worse with this FACTA bullshit. Basically as a US citizen abroad, both me and my family have to report stuff to the IRS(bank accounts, investment accounts etc) that I wouldn't have to report to the IRS if I were in the United States. And if you fail to report they will help themselves to your bank account, even if you didn't actually do anything other than forget to file. And it doesn't apply to just individuals, any American with signature authority on a foreign account, be it business or personal, has to report the details of that bank account to the IRS.
And here is the kicker, the whole thing is actually predicted, even by the supporters of the bill, to be revenue negative. Meaning they are SPENDING TAXPAYER MONEY to fuck over Americans living abroad. The sheer stupidity of this bill is staggering. I had up to that point always been a democrat and a supporter of Obama, but this just drove me away from both. I even donated some money to a Republican-led campaign to challenge this incredibly unconstitutional bill in the supreme court. This bill is responsible for an almost exponential increase in the # of Americans getting rid of their citizenship, perhaps most famous among them Tina Turner, who is now a Swiss citizen.
(Un)fortunately, I live in a country that is basically beholden to the US and as a coder I don't expect to be in charge of corporate bank accounts , so it's not a huge deal, but it's just the principal of the thing. More here