The problem is that the US not only will tax your earnings in the US, but will tax what you own overseas.
So we retired to my husband’s home and only taxes on our retirement income. But theoretically, Because the family business (run by the extended family) has my husband’s name on it as joint owner, we should be double paying taxes on it too: Taxes to the Philippine government, and taxes to the USA on what the business earns here.
My husband ignores the law, because he’s in his 80’s and figures they won’t go after him for a joint owned business here that really doesn’t make a lot of profit.
But if we were really rich, it would be good business sense for him to just drop the US citizenship instead of being a dual citizen.
And being a dual citizen might be a good way to get around other problems if the US continues to go to the dogs: IF Mr. Zimmermann’s mom had registered him in the Peruvian embassy as a kid, he could have been eligible as a dual citizen, and could flee to Peru for political asylum.