The 14th applied to freed slaves and the children of slaves.
>>All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside.<<
Actually if born to Mexican parents, they are Mexicans, which makes them subject to the laws of Mexico.
That is your interpretation of the Constitution (and I agree with it) but that is not the current law as written and carried out in the real world. Birthright citizenship is the law of the land until changed. Millions in this country have received their citizenship this way.
If this bill is ever passed, there will no doubt be a a Constitutional challenge that will go to SCOTUS for resolution. If it is not upheld, then a Constitutional amendment will be necessary. Only the US and Canada have birthright citizenship in the developed world. Ireland was the last country in Europe to get rid of it and they did it by constitutional amendment.