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The 80k thing is income tax, don't confuse it with the 10k limit on offshore accounts that need to be reported.
The idea is that if you are living abroad you are likely paying income tax to a foreign country, so those living abroad can claim an exemption on the first 80k they make each year. After 80k you pay taxes, used to be just on the difference, but I heard it was recently changed to the full amount if you make over 80k.
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