Repealing Citizenship Based Taxation

The USA is one of the only countries in the world, except for Eritrea, where citizens are taxed based on citizenship and not residency. This puts Americans trying to do business abroad at a disadvantage. With the addition of FATCA (https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act), some banks are even refusing to have Americans abroad as customers. Citizenship based taxation should be repealed in favor of residency based taxation.