Obama earned $477,000 in 2014 as income continues to lower

By Julia Edwards WASHINGTON (Reuters) - President Barack Obama and his wife Michelle earned a gross income of $477,383 in 2014, according to the couple's tax returns, released by the White House on Friday. Their income is down from $503,183 in 2013 and $662,076 in 2012. Obama's annual presidential salary is $400,000 and much of his outside income has been attributed to sales of his biographies, which may be declining. The Obamas reported $43,722 in income from overseas. The White House did not immediately respond to questions on the source of the overseas income. The Obamas paid $93,362 in total tax, paying a federal income tax rate of 19.6 percent. In donations to charity, the Obamas gave $70,712 to 33 different groups. The largest donation was $22,012 to Fisher House Foundation, which provides housing to military families while a loved one is receiving treatment. Vice President Joe Biden and his wife Jill, a community college professor, also released their tax returns on Friday, reporting a combined income of $388,844. (Reporting By Julia Edwards; Editing by Sandra Maler)