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A Baucus/Kerry Act to stop tax cheats using foreign tax shelters is getting flack
from the companies and ex-pats affected by it.
Here is the General Discussion article - http://www.democraticunderground.com/101410470#post30 which includes a NYT business section article. Looking to find which jobs bill it was in, I found this information.
Here is more information on that program from the IRS - http://www.irs.gov/businesses/corporations/article/0,,id=236664,00.html
It was passed as part of the HIRE (Hiring Incentives to Restore the Economy) in fall 2010. It was the means used to pay for the incentives. It was originally introduced just to close the loopholes in 2007.
The Foreign Account Tax Compliance Act (FATCA) was introduced on October 27, 2009 by Chairman Baucus (D-MT), Chairman Rangel (D-NY-15), Senator Kerry (D-MA), and Representative Neal (D-MA-2) to address concerns about U.S. persons avoiding U.S. tax through offshore bank accounts. It was passed as part of the Hiring Incentives to Restore Employment Act (H.R. 2847).
http://www.ofii.org/policy-issues/tax-federal-initiatives/785-foreign-account-tax-compliance-act.html
From the complaints in this and other articles, it is clear that the bill really did have teeth.