BREAKING NEWS

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

By REUTERS

APRIL 10, 2015 23:14

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.

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