"Persons who wish to renounce U.S. citizenship should be aware of the fact that renunciation of U.S. citizenship may have no effect whatsoever on his or her U.S. tax or military service obligations (contact the Internal Revenue Service or U.S. Selective Service for more information)."
You may give up the right to vote, but you are still subject to taxation rules and/or military service, both of which can change at any time. You sometimes hear of Canadian celebrities in the US (there are lots of them) debating whether or not they should become US citizens: short v long-term tax advantages.
The really outside case is treason charges. A renounced US citizen can still be charged as a traitor for acts committed overseas, whereas a non-citizen would have to commit the acts within the US for treason to be an option.
The fine print is that the IRS and US military are not happy about people renouncing citizenship expressly for the purpose of dodging their current tax bill or avoiding the draft, for obvious reasons.
If neither of those applies to you (that is, there wasn’t a military draft, and you properly paid your taxes including a possibly hefty final “exit tax” bill to expatriate yourself), then after renouncing your citizenship, the IRS or Selective Service isn’t going to hunt you down later.
The people the IRS goes after are rich people who didn’t pay all their past taxes or otherwise failed to comply, and then renounce their citizenship and skip town.
Sure you can:
http://travel.state.gov/content/travel/english/legal-conside...