The problem is that the bill doesn't provide any clarity on compliance. It may be impossible to comply. It provides only one year for the renunciation, but in most cases it takes longer, not to mention that a foreign state may simply not allow it. People could go stateless by first applying to renounce with a foreign gov and then losing their US citizenship if the deadline isn't met.
The bill is also unconstitutional on many levels (14A at the very least, because it would make all dual citizens secondary, conditional, citizens). It's illogical too: not taking an action is not a voluntary action (the Supreme Court has decided that a loss of citizenship must be voluntary), but the bill states that it is.
I am rarely optimistic when it comes to such issues (i.e. I never bet against the power of irrationality - so the tax argument alone doesn't alleviate my worries), but I just can't see how this joke of a bill could ever pass the Senate (even without the filibuster), the House, and be signed by the President (even a successor of the current one whose family wouldn't be directly existentially affected by the bill).