Obama campaign releases new ad touting tax plan

The ad, called "two plans," draws contrast between the president's team's characterization of both candidates' tax proposals.

“Mitt Romney’s plan: A 25 percent tax cut for millionaires, tax breaks for oil companies and corporations that ship jobs overseas, but a tax hike for 18 million working families," a narrator says. "President Obama’s plan: ask the wealthy to pay a little more so the middle class pays less, eliminate oil subsidies and tax breaks for companies that outsource.”

The ad concludes with a voice over declaring, "Two plans. Your choice."

The Romney campaign dismissed the commercial in a statement Wednesday evening.

“Over the past four years, it’s become clear that President Obama doesn't have a clue how to get America working again or help the middle class," said Romney spokeswoman Amanda Henneberg. "President Obama’s tax increase will hit families, job creators, and small businesses all over the country. Governor Romney understands that the last thing we need to do in this weak economy is raise taxes on anyone. He has a plan to permanently lower marginal rates, help middle-class Americans save and invest, and jumpstart economic growth and job creation.”

The candidates traded volleys on their competing tax plans during dueling campaign events Tuesday, and Obama's campaign team believes it might have a winning issue. Polls show that a majority of Americans favor the type of tax-cut extension the president is advocating.

“Doesn’t it make sense to agree to keep taxes low for the 98 percent of Americans who are working hard and can’t afford a tax hike?” Obama said at a campaign event in Iowa on Tuesday. “For us to give a trillion dollars’ worth of tax breaks to folks who don’t need it ... and aren’t even asking for it — that doesn’t make sense.”

But the Romney campaign has cast the proposal as a threat to job creation and said it would continue a trend of sluggish recovery under the Obama administration.

“At the very time the American people are seeing fewer jobs created than we need, the president announces he’s going to make it harder for jobs to be created,” Romney told a crowd at a town hall in Colorado. “I just don’t think this president understands how our economy works.”