This is banning reentry for those who have stated their reason for renouncing is due to tax avoidance. When I renounced I began telling them it was due to tax compliance, and they were very careful to not let me say tax avoidance. It is completely different. I’d be happy to pay an a amount to the US for citizenship every year but can’t deal with the thousands I pay accountants and the days I spend compiling and working out amounts for the calendar year as opposed to the Australian financial year. Also the anxiety over the ever changing laws and fines.

This reentry ban has never been enforced but could be in the future, if anyone has actually been able to say they renounced due to tax avoidance.

Yes, the Reed Amendment as passed is as you describe. However, see the section in the linked page on the SAFER Act.