ProPublica reported that Warren Buffett paid a true tax rate of only 0.1%. Jeff Bezos paid 0.98%, Michael Bloomberg paid 1.3%, and Elon Musk paid 3.27%. The median American household earned about $70,000 annually and paid about 14% in federal taxes. The highest income tax rate of 37% applies for couples on earnings above $628,300. However, the 25 wealthiest Americans paid a true tax rate of only 3.4%.
You will need sound financial advisors to achieve such tax rates. But as technologists, open source can help you in two remarkable ways. First, you can save significantly by using open source software, and you can use the below personal finance solutions to manage your finances.
Personal finance helps individuals and families handle their financial management. Based on the spectrum of personal financial activities, this can span across banking products (checking, savings accounts, cards, wallets, and loans) or investments (shares, bonds, mutual funds) and insurance (life, health, disability) products or retirement plans, social security, and income tax management.
There are over 1,800 public libraries available for you to adopt personal finance solutions. kandi collection on Personal Finance Solutions showcases libraries across end-to-end personal finance management platforms, frameworks for creating your own accounting solution, simple budgeting solutions, and add-ons like mobile receipt scanners that make your life easier.