The foreign income exclusion is currently $92k, but even above that, in any country which has a bilateral tax treaty with the U.S. (almost all developed countries), you can deduct the foreign tax paid from U.S. tax obligations. I'm an American expat in Denmark, and from what I've back-of-the-envelope calculated, there is almost no possible circumstance in which I would owe U.S. taxes, because I get a credit for Danish taxes on my U.S. taxes, and Danish taxes are always higher, which zeroes out the U.S. taxes. So even if I made $150k I would not owe U.S. taxes.

In fact I typically don't take the $92k foreign income exclusion, because excluded income isn't eligible for IRA contributions, and I'd like to keep contributing to an American IRA. So I report my full Danish income on the 1040, then subtract the Danish taxes, and end up owing $0 without even using the exclusion at all.