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I'm a US/UK citizen and know a bit about the possibility of this. Well, you have to pay an exit tax. Granted it is less then normal taxes but you can't just decide not to be a citizen and walk away with oodles of cash.

Also, it is highly likely that you will never be allowed entry back into the United states. This is a common occurance for individuals who renounce US citizenship.

If that isn't a big deal for you then it might be something to consider, otherwise it's probably best not to run the risk. I would imagine though that that might be an incredibly restrictive and myopic action to take if you are a young guy. The possibility of not even being able to visit the US for a friends wedding or a trip to vegas or see family who might be there or take any possible job opportunities just doesn't seem worth it to try and dodge taxes. I'm sure you can find other ways to reduce your taxable income that are more pragmatic than essentially exiling yourself.