President Obama's reelection campaign released a new ad Tuesday attacking Mitt Romney's tax plan as one that is just helps the wealthiest Americans.

"You watched…and worried," a voiceover in the ad says. "Two wars. Tax cuts for millionaires. Debt piled up. And now we face a choice."

The ad goes on to say that Mitt Romney's tax plan is a "new $250,000 tax cut for millionaires."

The ad then says under Obama's preferred tax policy plan "millionaires pay a little more."

"I'm Barack Obama and I approve this message because to cut the deficit, we need everyone to pay their fair share," Obama  says at the end of the ad.

The ad ties into a larger theme both Obama's administration and his reelection campaign has been using in its attacks on Romney: paint Romney as a candidate pushing for tax cuts for the rich at the expensive of the country's economic deficit and the middle class.

Democrats recently successfully passed legislation in the Senate extending the Bush-era tax rates for income up to $250,000 a year while allowing the tax rates for income above that level to expire. Obama has called for an extension of the rates up to $250,000 a year.

Republicans in Congress  prefer an extension of all the Bush-era rates for another year, including income up to and above $250,000 a year.