If you're still an American citizen, don't you technically still owe US to taxes on that "salary"? And since you're paying it as salary, I'm not sure that you're able to deduct any of the fees as expenses from what's owed.
The foreign tax credit is provided to prevent the double tax burden when your foreign source income is taxed by both the United States and the foreign country.
You just submit that you already paid taxes on that income to a foreign government and then no additional US taxes (to a limit, I beleive).
It's not that simple. There are a lot more details, but at a minimum you will still need to pay US taxes to the extent that the foreign government taxes at a lower rate. You'll also often still need to pay state income taxes.
The answer depends on how your specific state defines tax residency (for example California is notoriously difficult to escape).
Generally the rules will be something like you remain a tax resident of your old state, regardless of how long you stay abroad, until you establish a new permanent tax residency (whether in a new state or country).
What I eventually did is return to the US, sign a 1 month lease in Florida so I could get a drivers license and register to vote, and then return abroad. According to my tax accountant, that was enough.
Americans abroad shouldn't pay taxes (since they get basically no benefits) or vote (why should those who live abroad affect the laws they are, largely, not subject to?)
Americans abroad get a very valuable guarantee though. If shit hits the fan the full force of the US Military and Government is around to help out. They also are a last resort for Americans in emergencies abroad. Emergency assistance, flights and travel back home, etc.
It's not like we give up everything but leaving the country.
The only one, guys.