The ad is set to run to coincide with the GOP contender's visit to Pennsylvania.
"Tax havens, offshore accounts, carried interest. Mitt Romney has used every trick in the book. Romney admits that over the last two years he’s paid less than 15 percent in taxes on $43 million in income. Makes you wonder if some years he paid any taxes at all," says a narrator in the ad.
It will run on Pennsylvania airwaves as Romney heads to the state to attend a rally in Irwin, outside of Pittsburgh, Tuesday afternoon. Meanwhile, Obama is traveling to San Antonio and Austin, Texas, for campaign events.
The Obama team has repeatedly called on the presumptive Republican nominee to release additional tax information, while stepping up attacks on his personal finances and tenure as CEO at Bain Capital.
In an interview on Fox News on Monday, Romney rejected calls to release more tax records, claiming the Obama campaign would "distort" the information if given the chance.
"We're going to put out two years of tax returns — put out one already. Soon as the most recent year is complete, we'll put that out. It's hundreds of pages of documents," he said.
And on Tuesday, the Romney campaign fired back, saying the president ran "one of the least transparent administrations in American history."
"Whether hiding lobbyists in coffee shops, cutting back-room deals on Obamacare, or concealing the records of 'Fast and Furious,' President Obama's pledge to be transparent has turned out to be just another broken promise," said Romney spokeswoman Amanda Hennenberg in a statement. "With no rationale for reelection and no plan to help middle-class Americans, President Obama has resorted to running a campaign of distraction, distortion and dishonesty."
Romney has released his 2010 tax records and an estimate of 2011 taxes but has refused to provide additional returns.